General Insurance Article - KPMG comment on Prime Minister's Brexit speech

 Commenting on Theresa May’s much anticipated Brexit speech, Sian Hill, Head of Brexit for Insurance, KPMG UK, said: “Theresa May has made her intentions quite clear. Through the past months of uncertainty, UK insurers have been preparing for this outcome and putting plans in place for life after a ‘hard brexit’. It will throw up challenges but opportunities could also arise from increased competition and a need for new products.”

 Speaking at the Treasury Select Committee on European Insurance Regulation, Phil Smart, Head of Insurance, KPMG UK, added:“However the Brexit negotiations turn out, UK insurers need to retain an ability to operate in Europe and maintain regulatory equivalence. But leaving the European Union does give us an opportunity to make some adjustments to Solvency II that make the post-Brexit UK insurance market a more competitive one. There needs to be a balance between consumer protection and market competition and alterations can be made without moving away from the globally recognised regulation of Solvency II entirely.”