Brexit – Page 12
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NewsBrexit could mean end for gender pricing ban – report
Insurers are hoping that the UK’s decision to leave the European Union will mean an end for the ban on basing premiums on a customer’s gender, the Telegraph reports. Since 21 December 2012, the EU Gender Directive has required that insurers offer gender-neutral pricing, which has ...
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NewsArron Banks 'not ruling out' leadership bid for UKIP
Arron Banks has not ruled out plans to launch a leadership bid to head up UKIP following the resignation of Nigel Farage. Speaking on BBC One’s Andrew Marr Show, Banks also vowed to spend £10m to fight Theresa May at the 2020 general election if she ...
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Online onlyBrexit risks thousands of London insurance jobs
Up to 80,000 jobs in London’s financial services industry could be relocated because of Brexit, according to Boston Consulting Group. And a signficant chunk of those jobs being moved will be insurance, the consultancy says. The doomsday prediction comes after BCG surveyed the financial servies sector ...
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NewsHastings, Direct Line tipped as best motor performers post-Brexit
Hastings and Direct Line are better-positioned financially for Brexit than some of their motor insurer rivals, according to investment bank Berenberg. “Hastings and Direct Line look set to fare relatively well, while we note increasing pressure on esure’s solvency ratio and dividend,” analyst Iain Pierce wrote ...
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NewsMalta's Building Block hopeful of keeping UK trade links post-Brexit
Maltese insurer Building Block is hopeful of maintaining trade links with the UK once the UK leaves the European Union (EU), chief executive Paul Brierley said. Malta is an EU member state and Building Block writes business in the UK through the European Economic Area (EEA) ...
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NewsABI to attend Sajid Javid’s Brexit roundtable tomorrow
The ABI will join Lloyd’s at the Department for Business, Innovation and Skills Brexit roundtable tomorrow morning. The roundtable will be chaired by business secretary Sajid Javid. Lloyd’s revealed last week that it had been invited to the roundtable. Other attendees will include financial services lobby ...
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NewsOsborne aims to cut corporation tax below 15%
Chancellor of the Exchequer George Osborne is planning to cut corporation tax to less than 15% to boost investment following the Brexit vote. In an interview with the Financial Times, Osborne said he wants to slash UK corporation tax from its current rate of 20% to ...
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NewsLabour's McDonnell says passporting rights 'vital'
The Labour Party will seek to preserve passporting rights for financial services including insurance. Shadow chancellor John McDonnell (pictured) cited passporting rights as one of the Labour Party’s “red lines” in its policy on negotiations with the EU after last week’s Brexit vote. Labour’s red lines ...
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NewsBrexit means bad news for innovation says Atidot
Start-up risk management company Atidot chief executive Dror Katzav has said that Brexit means bad news for innovation as start-ups are “businesses for immigrants”. Speaking at a London InsurTech event on June 29, six panellists shared their views on whether Brexit would impact the InsurTech wave ...
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NewsLloyd’s pushes for passporting as Brexit threatens £800m GWP
Lloyd’s estimates that £800m of its gross written premium (GWP) could be affected if access to the single market is lost because of Brexit. This accounts for 4% of its £26.6bn total GWP. The insurance market made the estimate in a document outlining its plans to deal with the UK’s ...
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NewsElite looks to quit Gibraltar HQ to preserve EU passporting rights
Elite Insurance said it is looking for a new headquarters outside of Gibraltar. The insurer said it won’t wait for the outcome of Britain’s negotiations with the EU, and is taking action to safeguard its business in the EU. “Elite is already researching alternative domiciles for ...
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NewsUnderwriters want speedy post Brexit settlement - with passporting rights
A new trading relationship between the UK and the EU must be set out as soon as possible, and it must include passporting rights, according to the International Underwriting Association (IUA). Companies in the London market don’t want a prolonged negotiation, and are developing contingency plans ...
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NewsUK insurers 'better off outside EU', says former Civil Service head
UK insurers will be better off outside the EU because they can escape the “absolutely dreadful” Solvency II rules, according to the former head of the Civil Service. EU capital rules have damaged competitiveness and hampered the insurance sector’s ability to expand, Lord Turnbull told the ...
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NewsAnalysis: The EU faces a fight for its very existence
No-one appeared to see this coming. In truth, they should have done, says our sister publication, Strategic Risk
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Online onlyAviva pressure eases after post-Brexit turmoil
Aviva’s share price revovered some of its recent short falls, rising 6.5% in Tuesday’s trading to 368pence. The insurers’ shares had fallen 22% since Thursday’s Brexit vote to close yesterday at 347pence. Aviva, who was one of the biggest victims of the voters’ decision to withdraw ...
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NewsAviva stresses it is 'resilient' as shares crash 22%
Aviva’s share price has tanked 22% since Friday, one of the biggest victims of voters’ call to exit the EU. The share price was 442p on Friday’s start of trading, but now it is at 347p. The share collapse and voters’ decision to exit the EU ...
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NewsGibraltar insurer Elite considering new European unit post-Brexit
Gibraltar-based insurer Elite is considering setting up a new company so it can continue writing mainland European business after the UK leaves the European Union. Elite currently takes advantage of passporting rules, which allow companies to operate across the EU and European Economic Area with a ...
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NewsAviva reassures market on solvency amid Brexit turmoil
Aviva said this morning that its Solvency II coverage ratio “remains close to the top of its working range” of 150% to 180% despite market volatility triggered by the UK’s decision to leave the European Union. The insurance group announced with its full-year 2015 results in ...
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NewsFCA: EU-derived rules still apply despite Brexit vote
The FCA has reminded companies that they must continue to abide by their obligations under UK law, including any derived by the EU, following the vote to leave the European Union. The regulator said the rules would apply until the government changes legislation to reflect the ...
