Insurance sector welcomes news that Breit trade talks may soon be able to begin

The industry has welcomed the news that Theresa May has come up with a new deal with the EU that – if it is accepted – will allow trade talks to progress.

ABI director general Huw Evans said: “It is good to see progress in the Brexit talks. We hope that this can pave the way for substantive commitments in 2018 on both transition arrangements and the future trading relationship with the EU.”

International Underwriting Association chief executive Dave Matcham commented: “It is a great relief to hear that Brexit discussions are now ready to move onto the details of a new trading relationship between the EU and UK. London’s role as a global insurance centre, hosting branch operations of companies from across Europe, means our sector will be a key focus for negotiations.

“I hope that over the next few weeks a greater certainty can now be established about the regulatory status of insurance operations post-Brexit. It is vital that firms receive this confirmation before they come under pressure to begin implementing their contingency plans for a scenario in which no new trade agreement is achieved before the Brexit deadline of March 2019.”