Lloyd’s CEO Inga Beale has maintained that the world’s specialist insurance market wants the UK to stay in the European Union, warning that a Brexit is among the biggest risks to the global economy.
Beale said the Lloyd's City Risk Index, which analysed the potential financial impact of risks to major cities, placed the Brexit in the top three risks, according to an online report by CNBC.
“For Lloyd’s, it’s one of our key risks at the moment,” Beale told the US network.
She noted that a market shock or crash was the top risk to the global economy.
“I do not believe that the Brexit is the biggest risk to the global economy. And part of the reason I say that is because of the time that it would all take to wind out; because it’s not just going to happen overnight if there were an exit,” she said.
Beale pointed out that with the UK being part of the EU, Lloyd’s has access to one of the world’s largest insurance markets.
“With those passporting rights – the ability to trade all of the other countries in Europe – that gives us a huge advantage,” Beale was quoted as saying in the CNBC
The Lloyd’s CEO assured that they have contingency plans in the event of a Brexit.
Beale said Lloyd’s is looking at many cities and financial hubs in Europe and in Asia for possible opportunities.
“We’re always on the lookout for some way that we can make an opportunity for ourselves,” she said, noting that Lloyd’s has presence around the world.
Fury as insurance tycoon's campaign links Brexit to Orlando shootings
Industry backs Cameron in Brexit debate
The Brexit debate – where does the insurance industry stand?
Brexit may lead to gender discrimination in UK insurance pricing