June 26, 2017 / 11:09 PM / a month ago

UK government must deliver orderly Brexit - insurance trade body

2 Min Read

FILE PHOTO - The Union Flag flies near the Houses of Parliament in London, Britain, June 7, 2017.Clodagh Kilcoyne/File Photo

LONDON (Reuters) - Britain must make sure its exit from the European Union is orderly to avoid disruption for policyholders and compliance risks, the Association of British Insurers said on Tuesday.

Insurers in Britain have been among the most vocal groups in warning of the problems that a disorderly departure from the bloc could bring.

Several have announced plans for EU subsidiaries so they can continue to sell their policies across Europe.

"To meet our clients' needs as an industry and ensure full compliance with the law, the government has to deliver an orderly withdrawal, a stable transition and a sensible and mutually beneficial future trading relationship," Huw Evans, director general of the ABI, said in a statement ahead of the trade body's conference on Brexit on Tuesday.

The ABI said it would like to see formal cooperation between Britain's main political parties in Westminster and between the upper and lower houses of parliament to ensure a Brexit deal.

It said insurance issues that needed to be resolved included the treatment of contracts written before Brexit but still in force after Brexit, the future of the European health insurance card which cuts travel insurance for Britons, and the risk of increased complications around driving in Europe.

Reporting by Carolyn Cohn; editing by Susan Thomas

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