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Paul Clarke, global insurance regulatory leader, PwC, said: "A lot hangs on the details. The referendum might lead to the UK still being regarded an EU member in full, a member of the economic area or outside the EU completely. Until such details are ironed out the full impact is very difficult to predict.
"Potentially the biggest impact on the insurance industry will be on regulation. The EU drives the regulatory environment, Solvency II being a classic example. Not being part of the EU would hand more discretion to domestic authorities over rule design. From a practical point of view, it is likely the UK would choose to pursue a Solvency II equivalent approach", he added.
"Ironically the risk would be a UK outside the EU, unable to influence from within, yet still compelled to follow EU regulation to remain competitive."