Industry urged to form coherent message for post Brexit world

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The insurance industry needs to set out a coherent message about what it wants from Brexit, according to corporate services group KPMG.

“The industry needs to develop a clear and consistent message about what it needs from Brexit negotiations,” said Paul Merrey, insurance partner at KPMG UK.

“We cannot expect others to understand the implications for insurance unless we do.”

Marking “100 days of Brexit” since the EU referendum, Merrey said insurers and brokers need to identify where their opportunities lie in a future outside the EU.

“Whilst firms are actively reviewing the direct impact, they also need to think about how they can seize opportunities from Brexit,” he said.

“We are encouraging clients to move beyond protecting their business, to re-evaluating their growth options - identifying areas to enhance the business, focusing on attractive markets, capitalising on competitor weaknesses and exiting businesses which are disadvantaged.”

But, he added, “There is still a severe lack of clarity about how Brexit will pan out and how the UK insurance sector could be impacted.

“The vote has significant implications for the insurance market, both directly in terms of access to European markets and to talent, but also indirectly as the macroeconomic, competitive, and regulatory environments evolve.”