Brexit Business Insurance

Brexit and Insurance in the Market Place Business Insurance

The Central Bank is saying that a possible Brexit could have implications for competition in the Insurance market.

“A Brexit from the EU could have implications for insurance firms located in Ireland conducting business in the UK market, while the possible removal of UK competitors may benefit other firms operating in Ireland.”

Financial businesses including Insurance conduct operations on the basis of a single market. If the UK leaves the single market, both UK insurers who are providing capacity in Ireland may withdraw, reducing competition. Also it may may make it more difficult for insurance companies based here to operate in the UK.

While this situation could occur it may be possible in the long term to keep the financial markets open across the EU and UK. It is worth noting that within Europe, the London market is an exceptionally important component of the industry.

For more information there is an article in the Independent

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