Embargoed till 00.01hrs Wednesday 25 July 2018
25 July 2018, London, UK – The London Insurance and International Brokers Association (LIIBA) is encouraging its members to plan for the possibility that the UK will leave the European Union (EU) without a trade deal.
In its newly published mid-year report, which provides members with an update on progress against its 2018 agenda, LIIBA notes that there is now a higher risk that the UK will exit the EU with no deal in March next year. The report urges members to consider how they will continue to service EU clients’ needs in that eventuality.
The report suggests that member brokers will need to create subsidiary entities within the European Union.
LIIBA’s chief executive Christopher Croft said: “The concept of mutual market access looks to be dead in the water. So, at this advanced stage of the game, it would be foolish to ignore the very real possibility of no-deal for the UK. That’s why we’re encouraging our members to address this scenario now.
“We’ve have been liaising closely with the Belgian government and regulators to assist any member who might consider Brussels as a location for such a subsidiary. These discussions have been very positive.
We’ve also had an introductory meeting with officials from the Greek Embassy. This was also positive, and LIIBA will be pursuing a more in-depth exploration of whether Athens or Piraeus could prove a viable alternative location.”
LIIBA’s mid-year report also noted that the representative body welcomed the Financial Conduct Authority’s (FCA) commitment at a recent LIIBA roundtable meeting to address the issue of contract continuity with the EU27.
LIIBA’s mid-year report is available from email@example.com.
Note to editors:
London & International Insurance Brokers’ Association (LIIBA) is the trade association representing the interests of Lloyd’s insurance and reinsurance brokers operating in the London and international markets. We have the support of the vast majority of Lloyd’s Brokers, accounting for over 95% of the Market’s business.
Our members are engaged in the placement of $67bn of premiums in the London Market and another $24bn across the world. Collectively they contribute to the Market’s 26% share of The City’s GDP or 10% of London’s GDP (2015).
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