Brexit threaten London insurance jobs and business
Saturday, 06 04 2016, Category: Insurance and Reinsurance, Country: United Kingdom
Market leaders of the International Underwriting Association of London (IUA) and Lloyd’s, as well group chief executive officer of Fidelis, Richard Brindle, have warned of job losses and a significant risk to business in London’s insurance market if Britain votes to leave the EU.
In a position paper put forward by the market leaders, they said job losses are highly likely amongst the 34,000 people employed directly in the city’s commercial insurance sector.
The paper also suggests that insurance companies that stay in the UK following a vote to leave will continue to be subject to EU regulatory standards, but without any say in how they were formed.
Source: Intelligent Insurer