Leading iPMI analyst and report author Ian Youngman breaks down the insurance business in the EU and EFTA following BREXIT. (Editors note: tongue firmly in cheek)
There are options:
A. Keep all fingers and toes crossed and hope that UK politicians can negotiate a deal with the EU to retain full pass porting rights and remembering the golden rule that non-members of the EU club cannot ever have an overall deal as good as EU members
B. As above and hope that existing passports will be still allowed.
C. As above and hope that negotiations will go on for 2 or 3 or 5 years with pass porting rights on ice until a deal is reached.
D. As above and hope that a magical solution will appear after loss of pass porting rights in March 2019.
E. Hope that the ABI will help broker some sort of deal.
F. Hope something somewhere will happen but meanwhile just sit and wait.
G. Decide to stick to UK business and risk that you will lose some business that also wants to trade in or work in or both-in the new EU.
H. Grasp that to get licences outside of the UK - even in the handful of countries bending over backwards to attract UK brokers and insurers- can take most of the time between now and March 2019.
SOURCE Originally published by iPMI Magazine. © 2017 All rights reserved
BREXIT and INSURANCE: What BREXIT Means For Insurers And Brokers Operating In Or Planning To Operate In The UK And Europe
Learn more about passporting and everything else you need to know right now about BREXIT and Insurance in the brand new report from leading insurance analyst Ian Youngman.
With 200 pages of critical insurance business intelligence, this new market research report from leading insurance analyst Ian Youngman looks at what BREXIT means for insurers and brokers operating in or planning to operate in the UK and Europe.
For those UK insurers, EU insurers, brokers and agents selling- or planning to sell- into the UK and/or European markets; BREXIT is a legal and logistical nightmare.
UK regulators have demanded that every UK insurer now doing business in the EU/EFTA - whether by passport or local subsidiary- and every EU/EFTA insurer doing business in the UK on a passport or full basis -must show them their contingency plan that covers all options including the nuclear one of a UK exit with no deals.