View sample contents here for free - from the new market research report "BREXIT and INSURANCE".
Ian Youngman, author of the brand new market research report Brexit and Insurance laments that deluded insurers and brokers still cling to a hope that British politicians will deliver on their election promises and that nothing much will change.
Both the UK and the EC have hardened their negotiating positions in the last few weeks- helped by pointless and rather childish political rhetoric from both sides.
Any insurer or broker opting for a "wait and see what they will negotiate" is on a hiding to nothing.
For more information about this report visit: https://brexitinsurance.report/brexit-and-insurance-2017-market-research-report
A fast hard BREXIT means that any organisation with cross border business involving the EU needs to be planning now.
The only prudent plan is one that assumes the UK becomes a third country with no special market access deal. Delaying the effects of Brexit from 2019 to 2022 in some transition period makes no difference.
Every firm must have a plan for various scenarios.
If the UK becomes a "third country" – the right to provide services and establish branches under the passporting regimes from the UK will cease. Cross border client solicitation and servicing between the UK and EU will no longer be easy; the ability of branches within the EU to do business across borders will be open to question.
How fast events can change thinking is shown by Gibraltar. Weeks ago it assumed that some passporting deal would be sorted before 2019.This week regulators have accepted that they must work on the basis that insurers and brokers using Gibraltar to enter the EU, will lose that right as soon as Britain leaves the EU in 2019. They hope, and even that is not certain, that the deal with the UK whereby insurers on the rock can write UK business will remain. One insurer has already said it is leaving Gibraltar.
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