Jim Bichard, UK insurance leader at PwC, comments on the triggering of Article 50: "The triggering of Article 50 is an important moment for the UK insurance market and for all insurers operating in the UK, Europe and further afield. London is a global centre for insurance and the negotiations over the coming months will be particularly relevant for this industry. Many insurers have used the months following the referendum to make plans and we will start to see these come to fruition in the coming months.
"It is vitally important for insurers to continue communicating regularly with the government, regulators and trade bodies to ensure negotiations with the EU include actions to preserve a healthy and vibrant UK insurance market.
"The UK is a truly global insurance hub. By embracing the changes brought about by Brexit, I am confident it will continue to thrive."
Jane Portas, insurance regulation partner at PwC, comments: "The UK's insurance industry is incredibly robust and has gone through huge amounts of regulatory change in the past few years. Solvency II and the Insurance Distribution Directive are two key areas on which the industry will be looking for clarity in the coming months. If changes are made to existing and planned regulation, the industry will expect the government to do everything possible to ensure the UK gains some form of mutual recognition allowing for equivalence, and that it remains a global hub for insurance including participation of EU insurers."
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