The United Kingdom’s vote to leave the European Union last week surprised the world, and now has the international insurance community assessing the potential effects – and the key word is uncertainty.
The Brexit campaign succeeded on a 52 percent to 48 percent vote, and UK Prime Minister David Cameron, who had advised against leaving the EU, quickly announced he would step down. While a key motivation of the “Leave” campaigners had been the opportunity to set UK-specific regulations and policies, UK insurers and European insurers with headquarters in the UK currently benefit from the European Single Market and the “passporting” regulatory structure that allows UK insurers to operate in any other EU state without additional authorization. Insurance leaders in Europe have followed Brexit closely, keeping an eye on investments and planning for the two possible outcomes.
Read more at http://www.advisenltd.com/2016/06/28/uncertainty-reigns-for-insurers-and-uk-heads-for-the-brexit/
Erin Ayers, Uncertainty reigns for insurers and UK heads for the Brexit (June 28, 2016), available with subscription at Advisen Professional Front Page News.
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