“It’s been 100 days since the UK decided to leave the EU and there is still a severe lack of clarity about how Brexit will pan out and how the UK insurance sector could be impacted. So far there’s been no knee-jerk reaction to the decision to leave but the vote has significant implications for the insurance market, both directly in terms of access to European markets and to talent, but also indirectly as the macroeconomic, competitive, and regulatory environments evolve.
“Whilst firms are actively reviewing the direct impact, they also need to think about how they can seize opportunities from Brexit. We are encouraging clients to move beyond protecting their business, to re-evaluating their growth options - identifying areas to enhance the business, focusing on attractive markets, capitalising on competitor weaknesses and exiting businesses which are disadvantaged.
“Perhaps most importantly the industry needs to develop a clear and consistent message about what it needs from Brexit negotiations. We cannot expect others to understand the implications for insurance unless we do.”
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