Now that the EU referendum result is in, the UK remains faced with a lorry-load of uncertainties, particularly with new leaders potentially in both main parties.
One certainty though is that the UK Insurance Sector, like so many other industries, and like the popultaion itself, need some answers to be able to take steps.
As the commentators in the referenced article have said, it will take time to establish a suitable presence in the EU should passporting rights be revoked... So Insurers need an answer on this asap so that they can set contingency plans in motion.
U.K.-based insurance companies preparing possible strategies in response to the decision by British voters to take the country out of the European Union should be patient, according to two industry observers. One widely discussed option within the industry would be for U.K. carriers to set up insurance companies within the EU to maintain the “passporting” rights that have allowed them to sell products into the rest of the union. “That’s not an overnight job,” Ivor Edwards, European head of corporate insurance in the London office of international law firm Clyde & Co., said of such a strategy. “That’s going to take you a year or so.”
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