Big insurers look to reassure customers following Brexit vote

Two of the biggest insurers in the UK have issued statements to attempt to reassure customers following the vote that the UK will leave the EU.

Zurich said that it believed the EU stronger with the UK in it but accepts the decision of the British people and has established a team to manage change going forward.

“Even though the British people have chosen to leave the EU, the UK is a key market for our business globally. While some customers may be worried about what this means for their policies or investments, we remain committed to our customers, distributors, communities and employees in the UK,” the insurer said.

“We are a global insurer operating in over 170 countries and territories, and support the EU as a facilitator of free and open international trade. We saw Britain as an integral part of this and believed the EU to be stronger when it includes the UK.

“The process of the UK leaving the EU is likely to take years, so at the moment it’s far too soon to say what all the effects will be across our business. We have established a team to follow this closely and will provide information to customers, distributors and employees as the process evolves.”

Meanwhile, Aviva said it has conducted extensive analysis of the possible implications of a vote to leave the EU and considers it will have no significant operational impact on the company.
“Aviva’s operations in the UK and its other subsidiaries in the EU are well capitalised and continue to trade as normal. Aviva continues to be supervised by the PRA/FCA as lead regulator and Aviva’s European subsidiaries are incorporated and regulated locally and principally trade in their local market,” the company said.

“At Aviva’s 2015 preliminary results, published in March 2016, Aviva reported a Solvency II ratio of 180% and a surplus of £9.7 billion. Aviva has one of the strongest and most resilient balance sheets in the UK insurance sector with low sensitivity to market stress and over the last four years Aviva has tripled its economic capital surplus.

“Aviva will continue to monitor the technical implications of the vote to leave, which will only be resolved after several years of negotiating a new relationship between the UK and the EU.”