LIIBA warns members over no-deal Brexit

The London Insurance and International Brokers Association (LIIBA) is calling for its members to prepare for the possibility that the UK will leave the EU without a trade deal.

LIIBA notes that there is now a higher risk that the UK will exit the EU with no deal in March of 2019. The report urges members to consider how they will continue to service EU clients’ needs in that eventuality.

As part of the preparations, member brokers may need to create subsidiary entities within the European Union.

“The concept of mutual market access looks to be dead in the water,” said LIIBA CEO Christopher Croft. “So, at this advanced stage of the game, it would be foolish to ignore the very real possibility of no-deal for the UK. That’s why we’re encouraging our members to address this scenario now,” Croft noted.

“We have been liaising closely with the Belgian government and regulators to assist any member who might consider Brussels as a location for such a subsidiary. These discussions have been very positive.

“We’ve also had an introductory meeting with officials from the Greek Embassy. This was also positive, and LIIBA will be pursuing a more in-depth exploration of whether Athens or Piraeus could prove a viable alternative location,” Croft added.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Willis Towers Watson sues Noonan over move to Alliant

Qatar Insurance Company CEO claims progress in repositioning move

Hyperion seeks new CFO as Corbett decides to leave at year end

Allianz swoops for AIG talent as AGCS financial lines head

Ascot launches new trade credit unit with Zurich, Atradius hires

Munich Re unveils new US flood cover for small businesses

Don't miss our insurtech email newsletter - sign up today