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According to Airmic, UK insurance buyers would like to see the continuation of passporting rights, which enable insurers to cover EU risks from just one European domicile.
However, Brexit also needs to be considered from the perspective of EU corporate insurance buyers and carriers that value the expertise and competitive markets in London, he added.
However, European insurance and risk management associations have yet to publicly set out their positions on Brexit. Insurance Europe, the trade body representing the insurance industry in Europe, said it was unable to comment on Brexit.
Ferma is keeping its eye on the situation, but wants to see the result of the UK general election on 8 June before taking any action.
“The Brexit negotiations are still at too early a stage for us to know how this will operate in practice after the UK leaves the European Union,” Ferma president Johan Willaert said.
Risk managers will watch to see how their insurers can provide cover seamlessly after Brexit, according to Clive Clarke, Airmic chair and group insurance manager at Lloyd’s Register.
“Everyone wants to see consistency and certainty of insurance coverage. For UK insurance buyers, it would be good to know that we will see only minimal changes, and that the insurance industry has thought through the issues and that there will be little or no aggravation,” he said.
The London market is also engaged in high level talks with government through Lloyd’s and the London Market Group (LMG), the market-wide body responsible for promoting the London insurance market and driving modernisation.
Lloyd’s and LMG are lobbying their government to achieve a new trade deal with continued rights to undertake cross-border activity with EU countries. However, the Corporation of Lloyd’s and individual insurers in the market have also been working on a Plan B, according to Mel Goddard, market liaison and underwriting director at the Lloyd’s Market Association.
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