Barrier Free, Tariff Free, trading with Europe – single market and passporting
The UK is the leading general insurance market in Europe. In order for us to maintain this position, it is vital that
Government ensures we can continue to trade freely in the European single market once we have left the EU. It is
also important to state that the World Trade Organisation rules are not a viable solution and would cause immediate
and long term damage to UK insurance business.
With regard to the UK risks covered by Gibraltar captives, we would request that the UK Government would not seek to change their regulatory status and that they would therefore continue to have the ability to provide compulsory insurance
for UK risks as they do today.
Recognising that it would be challenging to secure full single market access for all UK trades BIBA calls for Government to
support and obtain a sector specific solution for the UK insurance market to access the single market.
Securing transitional arrangements
BIBA is calling for a minimum transitional period of five years to ensure continued confidence in our sector.
To continue the free flow of business between the EU and the UK, it is important that our regulatory regimes remain
comparable. We would also need direct support from Government in arranging new bi-lateral trade agreements. This is exactly what we seek to ensure confidence and certainly in the market.
Maintaining Employment Opportunities
Many brokers have employees of European nationality and some will have teams of people working out of the EU and we call for a positive solution for our European workforce.
The imperative of UK regulation reform
For Government to give the FCA a balancing statutory objective or strong formal guidance to consider the international competitiveness of the UK ’s financial markets and create a dedicated inward investment unit in the FCA to support and encourage new entrants to the UK.
Motor Insurance Cover
For the UK Government to ensure an agreement is in place covering the 46 signatory countries of the existing green card agreement, providing equivalence in minimum levels of cover for UK motorists when driving
For insurance trade between the UK and Gibraltar not to be impeded in a post-Brexit world. Our understanding is that motor insurance business emanating from Gibraltar makes up 20% of the UK motor insurance market.
The unintended consequences of the VNUK ruling on compulsory motor insurance also need to be progressed with a small
change so that the scope of the directive would relate onlyto accidents caused by motor vehicles in the context of traffic along with a total exclusion for licenced motor sport.
To maintain an equivalent reciprocal agreement on emergency healthcare in Europe to keep travel insurance premiums low.
Government to work with BIBA and the trade credit insurance sector to explore how trade credit insurance can assist UK business in navigating through the issues and changes that EU exit will bring.