On 23 June 2016, some 72.2% of British people took part in a momentous vote on whether to leave the European Union. The result was close but unexpected – some 51.9% chose leave, while 48.1% wanted to remain. The shockwaves are still being felt – not least by many in the insurance sector.
There is undoubtedly much at stake since the UK is the third largest insurance and long-term savings industry in the world and the largest in the EU. It is clear many felt leaving would create volatility and uncertainty and with so many leading insurers having strong connections with Europe, an isolationist route made little sense.
So, along with the Bank of England, the then Prime Minister David Cameron and the present incumbent Theresa May, along with a host of economists, the insurance industry largely favoured remaining. We heard from the ABI, BIBA and Lloyd’s in depth about why it made sense to stay. But, despite so many speaking out in favour of remain, the message didn’t resonate with voters strongly enough.
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