Vital insurers and brokers retain free trade post-Brexit: Lord Hunt
It is of vital importance for the insurance sector trade freely in the European single market in a post-Brexit world, Lord Hunt of Wirral said during talks concerning Article 50 in the UK’s House of Lords on November 22.
Wirral had welcomed the suggestion that David Davis, Secretary of State for Exiting the European Union, said he had enjoyed a very positive meeting with European Parliament's chief negotiator Guy Verhofstad.
Wirral said: “The UK insurance and reinsurance sector is the jewel in our crown, bringing much-needed stability to businesses, individuals and families – and, in times of crisis, to the economy as a whole.”
He said he believes the insurance industry and the broking sector in particular is concerned about the terms of the exit from the EU, which has arisen from the number of insurance brokers using passporting facilities into and from the EU.
According to the British Insurance Brokers’ Association (BIBA), there are 2,750 UK insurance brokers currently passporting out to the EU, and over 5,727 passporting in helping to increase insurance capacity and provide a competitive trading environment.
Hunt continued: “It is vital for the insurance sector to be able to trade freely in the European single market once we have left the EU.”
The comments support calls that BIBA made on Government last month, ahead of tomorrow’s Autumn Statement.
