Brexit & Insurance – What Happens Next?

News > Brexit & Insurance – What Happens Next?

As the UK Government continues to negotiate with the European Union over the best outcome for “Brexit”, consideration must be given to the likely impact on Insurance arrangements that would result from a deal or no-deal scenario.

For example, it has been widely reported in the media that in the event of the UK exiting Europe without a deal, a Green Card would be required in order for UK citizens to drive their vehicles in EU territories – and this would need to be ordered at least a month in advance of travel.

This may be true but even if a withdrawal agreement is concluded, and notwithstanding a transition period, there will inevitably be an effect on UK Insurers’ ability to write cover, provide advice or pay claims in the EU (and vice versa).

There are also many legal and compliance implications the industry needs to understand before further advice can be given, and in truth, most Insurers have been considering the impact on them as a business rather than the effects on policyholders.

In the meantime, we are monitoring the situation closely and further publications from Luker Rowe will follow. If you have any specific concerns, please contact your service team.