Association of British Insurers warns on no-deal Brexit hit
UK insurance industry told to expect long-lasting damage
Bengaluru — The Association of British Insurers has warned that if Britain leaves the EU without a deal, it could cause long-lasting damage to the UK insurance industry. A no-deal Brexit could result in British insurers having to hold more capital than they need, damaging competitiveness, reducing investment in the economy, and could also see people get less from their pension, Huw Evans, director-general of the ABI, said in London. “Any future arrangement with the EU that required the UK to comply with rules it had no say over could be weaponised by those in the EU that want to damage the UK,” Evans warned. “It would be naive to think that over the course of the next few decades, EU rules will do anything other than reflect the interests of its members, not its former members, seeking to draw capital, talent and market infrastructure into the EU27.” Insurance market The UK is the largest insurance market in Europe, the fourth-largest in the world, and employs over 300,000 people in...
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