Brexit to impact UK Insurance industry

Financial Chat Fintech Chat
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Bank of England tests have flagged up some serious Brexit concerns.

Six million UK customers buy insurance policies from EU companies and, after Brexit, those firms would not have permission to collect premiums or pay claims.

The same is true of the financial insurance that banks buy and sell to each other. Here the numbers are staggering - the notional value of those contracts are £26 trillion. Without legislation from both the EU and the UK they may be hard to enforce and that would create financial instability.

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It best to have a separate thread for banking news to insurance news.

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That’s the article where you copied the above from. Just had it put up for reference. :slight_smile:

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There is a separate thread for the discussion about how banks may be impacted

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Nevertheless the original source of any fact is always welcome :+1:

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The original source for the data can be found at http://www.bankofengland.co.uk/publications/Pages/news/latest.aspx under the date 28/11/2017 but there are four reports that day and I could not find how to link to just the one of them

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Is this Brexit thing you speak of a serious issue? That hasn’t perhaps been thought through?

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