General Insurance Article - ABI calls for implementation period following Brexit


ABI Director General Huw Evans asks the UK Government to make a clear commitment to seek an early agreement with our European partners on a high level transitional implementation period following Brexit

 Speaking at Insurance Ireland’s INED Seminar 2016 in Dublin this afternoon, Evans is also due to warn that without this commitment UK insurers most affected by Brexit could be forced to take decisions to leave the UK before a final Brexit deal is clear.

 Huw Evans will say: ”Underpinning our five key asks on Brexit is a sustained focus on the need for an implementation period which stretches from the end of the UK's membership in 2019 to a period when the new relationship can be broadly established. Not only will this be a sensible way of delivering such a momentous change for both sides, if agreed early it provides the option for the firms most affected by Brexit not to take swift decisions in 2017 on scaling back UK operations.

 “We call on the Government to make a clear commitment that it will seek an early agreement with our European partners on a high level transitional implementation period which will help avoid economic shocks to both the EU and UK. This is in both sides’ interest, would not be a sign of negotiating weakness and is essential if we are to maximise the smooth running of the financial system after 2019.

 “Without such a commitment there is little incentive for insurers considering relocation to take a longer term view on whether to press ahead with a decision.”

 The five key asks agreed by the ABI Board and set out in September 

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