I will admit to having previously had a pretty solid view of whether the UK should leave or stay in the EU, but now that we actually have the power to make a decision on our membership I am not as certain.
I have heard several excellent points both supporting Brexit, and condemning it - opinions around economics, trade, people movement, and so many other key factors. There have also been varying opinions on the impact it will have on the insurance sector specifically...
My belief at this stage is the overall financial strength of the UK will not be significantly impacted by either a withdrawal from the EU, or remaining a part of it. Should Brexit happen some sectors will struggle, others will thrive, and the economy will neutralise.
Ultimately, this will be a political decision made by the electorate based on whether they are either: more concerned by the fear campaign that is likely to be carried out by the stay group; or more attracted by the promises offered by the leave party.
All of that notwithstanding, the London (re)insurance hub should surely be able to confirm it's relevance regardless of the UK's membership of the EU... The group of brokers, insurers, and syndicates that operate in this thriving marketplace gained their positions through innovation, technical excellence, and insight. Given London's relative ease of access to all of the other major insurance hubs around the world, I see the bigger threats coming from an antipathy to innovation and progress, than from a departure from a political union.
The Association of British Insurers (ABI) has also set out the benefits of EU membership and the single market, claiming the UK sells £21bn ($30bn) more in insurance and long-term savings products to the rest of the EU than is sold to it as a result. One thing is clear - the referendum in June will be instrumental in determining London’s position as the leading global (re)insurance hub.