Brexit: Implications for insurers and reinsurers

Brexit protesters wave flags made up of the European Union flags and British Union flags outside the Houses of Parliament in London, U.K., on Tuesday, Jan. 16, 2018. (Photo: Chris Ratcliffe/Bloomberg)

Little, if anything, will change for the insurance industry as a result of Brexit on January 31, 2020. It will be pretty much business as usual during the transition period, and attention will focus on the details of the future trade deal that is due to come into force next year. There is a limited expectation that passporting rights will be maintained under a freedom of service agreement but hope that market access arrangements based on equivalence will be agreed quickly.