Evans discusses reforms ahead of the in/out referendum that will take place in late June.

Huw Evans, ABI

The UK Government’s European reform negotiations are ‘valuable’ to the financial services sector, says ABI director general Huw Evans.

Following the talks between Prime Minister David Cameron and the European Council, Evans said that it was important the insurance industry entered the debate ahead of the in/out referendum in June.

He said: “The UK economy benefits from membership of the EU single market and being part of the world’s largest trading block. Membership guarantees the right to do business in 27 other countries on an equal footing.

“The UK gains from this arrangement; we sell £21bn more in insurance and long-term savings products to the rest of the EU than they sell to us.”

“As a global insurance centre of excellence, the UK has a major influence in shaping the rules of the EU. And as the undisputed financial services centre of the EU, the whole of the UK is able to benefit from the jobs, tax revenue and economic prosperity this position brings.”

Evans’ comments come just weeks after the Lloyd’s market announced it was working on contingency plans in the event of a UK exit from the EU.