Brexit means exit: UK insurer shuts EU unit because of uncertainty
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Financial services may not be included in a Brexit deal between the EU and the UK which, at best, may increase operational costs for insurers, but in a worst-case scenario may reduce the UK-based firms’ access to EU customers. Intelligent Insurer reports.
While insurance leaders have warned that the EU would also suffer from the consequences, the uncertainty caused by ongoing negotiations is already affecting negotiations for contracts that span periods of more than three years.
“Contract continuity clearly is one of the biggest problems,” said Catherine McGuinness, chairman, policy and resources committee, City of London Corporation, at a Brexit event organised by the Policy Forum for London on Feb. 28.
“We are aware that people are taking their own steps to transfer contracts to try to avoid the problem, but that is not going to sort everything out.
Brexit, Insurance, Reinsurance, London Market, UK, Europe, Catherine McGuinness, Richard Knox, Christopher Beazley