Brexit threatens 4% of Lloyd’s global GWP

Lloyd’s has revealed that 4 percent of its £26.6 billion global gross written premium is likely to be affected by the UK’s withdrawal from the EU’s single market.

The European Economic Area accounts for 11 percent of Lloyd’s gross written premium or £2.9 billion, according to a document describing its post-EU referendum plan.

Of this amount, £1.1 billion is reinsurance, which Lloyd’s expects to be largely unaffected, and £557 million is marine, aviation and transport (MAT). Non-MAT amounts to £1.2 billion, of which £800 million is written cross-border and is most likely to be affected by the UK’s withdrawal from the single market.

Lloyd’s largest market, Canada and the US, represents 47 percent of its global gross written premium.

The result of the EU referendum has no impact on Lloyd’s trading rights in all non-EU territories, according to the document.