Tag: brexit

Will the UK Financial Services Industry be Affected by Brexit?

Guest Author
UK Financial Services

The UK has for many decades been a financial services hub within Europe and the World, with large financial services companies being head quartered in the UK or operating their EMEA or European operations in the City of London.  With the potential exit from the European Union (EU), many customers of these large financial institutions will be concerned whether their products and services will still be valid following Brexit. At the present time any financial services organization authorized to operate in any European Economic Area (EEA) country can conduct business…

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UK insurance industry sees $75 billion shift as Brexit sends business out of London

G. Turner
UK insurance industry - Brexit - Map of Europe

Firms are shifting their centers out of London and into rival EU locations as the UK readies to leave. As much as $71 billion from the UK insurance industry is stepping out of London and is headed into locations throughout the European Union. The shift away from the capital city and into the EU is occurring as a direct result of Brexit. The EU’s insurance and pensions regulator has issued an order to every underwriter across the UK insurance industry. Those firms are required to transfer policies held by clients…

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European insurance watchdog seeks to protect policyholders from no-deal Brexit

H. Cutner
No-deal Brexit - UK and EU puzzle pieces

E.U. policyholders wonder if their protection will continue when they’re covered by a U.K. insurer. Policyholders in the European Union feel uncertain as to whether their coverage through British insurance companies will continue uninterrupted in the case of a no-deal Brexit. The E.I.O.P.A. assures E.U. consumers that their policies will remain valid even with a hard Brexit. With only just over a month before the United Kingdom leaves the European Union, consumers are taking a closer look at what a no-deal Brexit will mean to them. As a result, some…

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United States to sign post-Brexit insurance deal with Great Britain

Marc
Post-Brexit Insurance - US Flag and UK Flag

The new bilateral insurance agreement is meant to provide greater regulatory certainty to the market. The U.S. Treasury and U.S. Trade Representative’s (U.S.T.R.) office have announced their intention to sign a post-Brexit insurance agreement with Great Britain. The goal is to establish insurance market continuity and regulatory certainty as Great Britain steps out of the European Union in March 2019. The new insurance industry agreement would greatly mirror the agreement between the U.S. and E.U. The United States signed an insurance deal with the E.U. back in 2017. In order…

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American Insurance Association enters coalition between US and UK despite Brexit

Marc
American Insurance Association UK coalition

The trade association for P/C insurance leaders will use the coalition to make notable improvements. As Brexit Day in March 2019 moves ever closer, the American Insurance Association was undaunted and joined a coalition between the United States and the United Kingdom. The goal is to boost discussion from both countries regarding investment and trade in the industry. The American Insurance Association is the property and casualty insurance industry trade association. It recently announced it would join the American side of the Financial and Related Professional Services Coalition with the…

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