BIBA Makes EU Exit Calls to Protect UK Insurance Brokers and £7.8Bn of Business
The British Insurance Brokers’ Association (BIBA) has written to Prime Minister, Theresa May, calling on Government to negotiate for single market access as part of the EU Exit, or a sectoral solution if whole economy access isn’t achievable...
The calls are also made in BIBA’s 2017 Manifesto which was launched in the Houses of Parliament on 16 January and calls for a minimum five year transition period, and also highlights the need for a solution for EU workers in the UK’s insurance industry and UK insurance professionals working around Europe.
BIBA points out that 2,758 insurance brokers possess passports to trade in the EU, trading £7.8Bn of premium on behalf of EU customers.
Steve White, BIBA’s Chief Executive, said: “The UK holds the number one position in the European insurance market as brokers are able to utilise the passporting system to access the single market. However this position and this business model is under serious threat if we do not have barrier free, tariff-free access to the single market including passporting capacity and regulatory equivalence.”
Graeme Trudgill, BIBA’s Executive Director, commented: “5,727 EU-headquartered insurance intermediaries possess passports to trade in the UK – many of them accessing Lloyd’s and the London insurance market. This demonstrates the benefits to EU members of continuing barrier free, tariff-free access to the UK and is a relevant factor in the ongoing negotiations.”
BIBA’s Chairman, Lord Hunt of Wirral, added: “BIBA has identified that more than 2,400 highly skilled and highly valued EU citizens work in the London insurance market and a variety of business models depend on this. BIBA has called for a positive solution for the European workforce.”
In addition, BIBA’s remaining EU exit calls include solutions for the use of green cards for motor insurance, the use of the European Health Insurance Card (EHIC) connected with travel insurance as well as changes to the motor insurance market following the VNUK case.
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