There is no time to rest in the aftermath of the Brexit vote – a new trading relationship between the UK and the EU must be set out as soon as possible.
That was the message from Dave Matcham, chief executive of the International Underwriting Association (IUA). Speaking after the Association’s annual meeting he outlined that the London insurance market does not want to see a prolonged political process and should already be developing contingency plans in order to reassure customers.
“It is clear that companies are well prepared to respond to a new business environment and adapt their business plans as necessary,” he said. “The ability to trade freely in European markets via the EU financial services passport is vitally important to our members and preserving this advantage must be a top priority in the exit negotiations.
“Without rights conferred by the passport, firms may have to obtain trading licences in order to continue conducting business in certain countries. This can be a lengthy process and so prudent examination is being applied to all potential scenarios.
“Companies are considering both what they need to do now and how they might respond to the negotiation. It is in the interests of all industry participants that uncertainty and disruption is kept to a minimum by an early confirmation of future trading terms.”
Also speaking on the decision, Malcolm Newman, chairman of the IUA commented: “With the result of the referendum on the UK’s membership of the EU, the ability of our industry to act in a united manner, articulate its position and influence international developments will be more important than ever. It is essential that we engage fully to ensure that as many as possible of the trading benefits the London Market currently enjoys are retained.”
IUA says London market will weather Brexit