According to an announcement made by an insurance trade body the International Underwriting Association, it is essential that insurers who operate in Britain are able to continue to sell their products freely across the European Union.
Insurance companies rely on passporting rights to sell their products throughout the EU and many have announced that they will be setting up EU subsidiaries if / when the UK loses access to the European single market.
The US insurer AIG recently announced that it would be moving its European HQ from London to another European city and cited the Brexit vote as the reason.
And other insurers such as Aviva, Lloyds of London, Hiscox, and Admiral have announced that they would be setting up European subsidiaries or that they could even move their European business to Ireland.
