(Bloomberg) -- Lloyd’s of Londonsaid that at least 34,000 jobs in the city’s commercial insuranceindustry are at risk if Britain votes to leave the European Union,with some companies drawing up plans to relocate outside of theU.K.

Further job losses are also expected among the “tens ofthousands” indirectly employed by the insurance market, accordingto a position paper published by Lloyd’s, along with the International UnderwritingAssociation of London and FidelisInsurance Holdings Ltd.

Underwriters planning relocation

Underwriters have been making contingency plans to relocate, whileinternational capital is expected to leave for more trade-friendlyjurisdictions, according to the paper published on Friday. Lloyd’ssaid in February that it has drawn up plans to manage the falloutif Britain votes to leave on June 23.

“The benefits of EU membership are highly valued and thepossibility of these advantages disappearing is of grave concern,”IUA Chief Executive Officer Dave Matcham said in a statement. “AnIUA member survey shows at least six firms would reconsider thelegal status of their London operations in the event of a leavevote, though there may be others.”

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