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The UK re/insurance market is likely to shrink due to the UK’s exit from the European Union as companies reorganize their operations to ensure access to the EU common market. Nevertheless, London is likely to remain an important re/insurance centre after the country exits the EU.
This seems to be the consensus of commentators and experts in the re/insurance sector at the moment, all trying to second-guess both the exact nature of the UK’s exit from the EU and its implications for one of the most important sectors to the UK economy.
The insurance sector, the biggest in Europe with around 334,000 people according to latest ABI (Association of British Insurers) data, is not a fan of the idea of the country leaving the EU. Insurers generally like stability and predictability, and this is certainly not what it is facing with regards to Brexit.
UK’s Prime Minister Theresa May has recently, perhaps unintentionally, reminded the country’s businesses on the uncertainties that Brexit is bringing about.
Brexit, UK, Europe, European Union, AM Best, Ivor Edwards, Catherine Thomas, Lloyd's, Yvette Essen, Phil Smart, Theresa May