Insurance big hitters join push for Brexit transition deal

Insurance industry big hitters Aon, RSA and Zurich are among a group of more than 100 companies pushing for a three-year transitional phase for Brexit.

The 100 companies have signed a letter to lead Brexit negotiators, pushing for a Brexit transition deal to avoid abrupt changes when the UK leaves the European Union on 29 March 2019.

The letter said: “Continuing uncertainty will adversely affect communities, employees, firms and our nations in the future. Businesses across the EU and UK are clear: being able to plan for a transition of up to three years that avoids a cliff edge is critical for our collective prosperity.”

It added: “We are therefore writing to urge both sides to be pragmatic and determined to move to the next stage of the negotiations. Until transitional arrangements can be agreed and trade discussed the risk of ‘no deal’ remains real and has to be planned for, with inevitable consequences for jobs and growth on both sides.”

This latest push for a Brexit transition deal closely follows a letter to Chancellor Philip Hammond from Treasury Committee chair Nicky Morgan, seeking clarity on how policies written in Europe by UK insurers will be dealt with following Brexit.