An agreement between the UK and Switzerland signed at the World Economic Forum (WEF) will allow buyers in both countries to access insurance cover from providers in each other’s jurisdictions after Brexit.
The deal, signed by UK chancellor Phillip Hammond and head of the Swiss Federal Department of Finance Ueli Maurer, will mirror the existing EU-Switzerland insurance deal that covers the UK until it leaves the bloc. The deal includes mutual recognition of each other’s insurance regulations and will allow companies to open branches locally.
Buyers in the UK will have direct access to insurers in Switzerland including Zurich Insurance and Swiss Re, while Swiss-based buyers will continue to have access to Lloyd’s and the London company market.
Mr Hammond said: “Links to financial industries like the Swiss insurance market are important for global financial systems and it’s vital that trade continues between our two countries so firms have the certainty they need to continue to do business and invest.”
Switzerland invested more than £11bn in the UK financial services sector in 2016, second only to the US.
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