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Europe & EU Exit

Home / Current Issues / Europe & EU Exit

The EU Exit raises a number of issues that could seriously impact insurance brokers and their customers. BIBA is highlighting eight areas that will enable us to effectively service both new and existing UK and EU clients.

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Representing our members in Europe

With much of the Financial Conduct Authority’s rule book derived from European secondary legislation, BIBA is a member of the European Federation of Insurance Intermediaries (BIPAR), and is active in representing members’ interests with the three European legislative bodies that create the regulations; the European Commission, the Council of Ministers and the UK representatives in the European Parliament.

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BIBA and Bernadino

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BIBA, Alessandro de Besi, Diana Ispodkina and Anna Kadar

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BIBA meets David Liddington MP Minister for Europe

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David Sparkes at BIPAR

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European Parliament

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Graeme Trudgill, BIPAR committee meeting February 2015

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BIBA, Lord Hill and Alessandro de Besi

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Kay Swinburne MEP

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Steve White and André Lamotte – the BIPAR President

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BIBA and Anna Kadar

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Steve White at BIPAR

BIBA's Call to action and Commitments on Europe

Each year BIBA campaigns on a number of issues and commits to a series of actions - these calls for action and commitments can be found within our manifesto.

Find out more in the BIBA 2017  EU Exit Manifesto

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.

Equivalence Regime

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
in Europe.

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.

Travel Insurance 

To maintain an equivalent reciprocal agreement on emergency healthcare in Europe to keep travel insurance premiums low.

Trade Credit 

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.

Brexit Matters

BIBA has sent a letter to senior Government figures setting out what, in its members’ opinions, are the most important considerations as the country begins it move towards exiting the EU.

Read about the issues that BIBA has highlighted in its letter

BIBA’s CEO, Steve White, outlined his views in his blog 

Navigating Brexit: Business as usual – but what might be next?

BIBA outlines the current European issues with an eye on securing a bright future for broking after we exit the European Union 

A level playing field

BIBA welcomes improved level playing field for customers with conclusion of Insurance Distribution Directive (IDD) political process

After many years of promoting the interests of members and their customers in Brussels, Westminster and working closely with our European Federation BIPAR, BIBA is delighted to see the Insurance Mediation Directive will now become the IDD and include comparison sites and direct insurers.

Read the full press release

Europe Regulation Updates

See all regulation updates

MP Guide

Helping your constituency with insurance matters

BIBA members have many specialisms and can often help in placing cover for those that fall outside of what is considered a ‘standard risk’.

BIBA helps more than a 250,000 consumers Find a Broker every year and can be found at biba.org.uk, or by calling 0370 950 1790.

See our guide for MP’s here

Working together with BIPAR

BIBA is an active member of the European Federation of Insurance Intermediaries (BIPAR), carrying our 'one voice' philosophy to the European stage, where interests of brokers across the region are aligned.

The liaison with fellow trade associations across Europe permits a sharing of experiences which helps us develop stronger arguments on issues affecting our local markets.

bipar-logoFind out more on BIPAR’s website

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Whatever type of insurance you need to find, BIBA can connect you with a broker who can help. Please use the search below or call our Find a Broker Service on 0370 950 1790.

© BIBA 2017