Revealed: Brexit likely impact on insurance jobs

Insurers, bankers and more have lots of plan for the UK’s EU exit

Revealed: Brexit likely impact on insurance jobs

Insurance News

By Terry Gangcuangco

Much has been said about the possible outcomes following Britain’s departure from the European Union – from legal woes involving contracts to an increased regulatory workload.

Another area of concern, which is closely linked to businesses relocating within the EU, is what happens to finance jobs in the UK. A Reuters survey has shed some light.

Over 120 financial services companies – banks (55), insurers and brokers (37), asset managers and private equity firms (28), as well as exchanges (3) – operating in the UK responded from August 21 to September 15.

The survey found that 57 businesses would have to restructure or move employees because of Brexit; 37 believe there would be no effect; the rest either did not comment or have yet to come up with a decision.   

According to the report, around 10,000 jobs in the finance industry stand to be moved or created outside the UK if EU access is removed. This was based on respondents’ answers to whether Brexit would result in transfers as well as new posts.      

The bulk of the over 10,000 figure came from the 20 banks who provided numbers – 9,777 bank jobs are expected to be moved or created elsewhere in the single market. As many as 311 jobs would come from asset managers and PE firms, according to information provided by eight companies.

As for insurers, 11 firms said they expect 98 EU jobs to be created. Reuters did not name the insurers but said those who participated in the survey are among the largest listed in the UK, as well as big EU and non-EU insurers with British operations.

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