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Insurance Industry Starts to Assess Brexit Effects

Lloyd’s of London is considering how to safeguard its access to markets in Europe in the wake of the June 23 referendum in favor of “Brexit” — or British withdrawal from the European Union...
July 6, 2016

Brexit

Lloyd’s of London is considering how to safeguard its access to markets in Europe in the wake of the June 23 referendum in favor of “Brexit” — or British withdrawal from the European Union (EU). Inga Beale, CEO of Lloyd’s, said its preference is to continue operating in a passporting system, similar to what they do today. The system has allowed insurers and brokers based in one EU member country to provide services throughout the 28-member union.


Lloyd’s Chairman John Nelson said in a statement, “I am confident that Lloyd’s will stay at the center of the global specialist insurance and reinsurance sector, and I look forward to continuing our valuable relationship with our European partners. For the next two years, our business is unchanged,” he added. “Lloyd’s has a well-prepared contingency plan in place and Lloyd’s will be fully equipped to operate in the new environment.”

Observers say it will take some time to understand the complete ramifications of the vote, especially for the property and casualty insurance industry.

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