BREXIT and the Impact for Insurers and Brokers Operating in or Planning to Operate in the UK and Europe 2017 - Research and Markets

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May 05, 2017, 15:00 ET

DUBLIN, May 5, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "BREXIT and INSURANCE" report to their offering.

With 200 pages of critical insurance business intelligence, this new market research report looks at what BREXIT means for insurers and brokers operating in or planning to operate in the UK and Europe.

For those UK insurers, EU insurers, brokers and agents selling- or planning to sell- into the UK and/or European markets; BREXIT is a legal and logistical nightmare.

UK regulators have demanded that every UK insurer now doing business in the EU/EFTA -whether by passport or local subsidiary- and every EU/EFTA insurer doing business in the UK on a passport or full basis -must show them their contingency plan that covers all options including the nuclear one of a UK exit with no deals- by July 2017.

Much will depend on what is negotiated - but do not believe the hype from either side. The core rule from the EU is very simple: non-members are not allowed to have deals equal to those that members have, and despite what British politicians may shout - that is non-negotiable.

One of the anticipated losses resulting from the UK's exit in 2019 is its exclusion from the single market, namely its exclusion from the free movement of goods, services and workers within the EU. This will impact insurance businesses in the UK that will lose their right of direct access to the single market, and EU insurers will lose their right of direct access to the UK.

40% of UK insurance businesses are studying alternative scenarios involving migrating their European business to other member states.

There will be two parallel but not identical sets of laws - in the UK and in the EU/EFTA countries. Any UK insurer or broker doing business in the new EU/EFTA block will be subject to ALL the laws and rules in that region such as on solvency, insurance regulation and competition - plus the UK rules on solvency, insurance regulation and all other regulation that will diverge from EU rules.

In the UK the Bank of England and subsidiary insurance/financial regulators have confirmed that there will be no bonfire of regulations post-Brexit - while other regulators and bodes such as on competition and health and safety have made similar promises.

The author says: "Wait and see is not an option given the time that it will take to set up a regulated subsidiary within an EU member state or in the UK. If you rely in the main UK media for your Brexit information you could be in for a few surprises. My report is non-political and takes information from across Europe-including primary sources. It is written in a non-technical way so that every insurer and broker can easily understand what is happening and why they must get ready for all possibilities, now, not 2018 or 2019."

Key Topics Covered:

1 Institutions

2 Free Trade Agreements

3 EU Principles

4 EU Directives and Regulations

5 EU/EFTA Citizens

6 EU Travel

7 EU Insurance Regulation

8 UK Insurance Regulation

9 UK/EU Passporting

10 UK Resignation

11 EU Response and Negotiation Timetable

12 UK Insurers and Brokers Wanting to do Business in EU/EFTA after Brexit

13 EU/EFTA Insurers and Brokers Wanting to do Business in UK after Brexit

14 Regulators and Trade Bodies

15 Locations for UK Firms

16 A To Z of UK/EU Firms Plans

17 Gibraltar

18 EU Healthcare

Companies Mentioned

Admiral
AIG
Aviva
Axa
Banks
Beazley
Building Block Insurance
Chesnara
FM Mutual
Hiscox
Jardine
Legal and General
Lloyd's of London
Met Life
Prudential
Royal London
RSA
Standard Life

For more information about this report visit http://www.researchandmarkets.com/research/w69zkl/brexit_and

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Laura Wood, Senior Manager
[email protected]

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SOURCE Research and Markets