BIBA Chairman, Lord Hunt of Wirral reminds the House of Lords about the importance of the general insurance market to the UK economy

22nd November 2016

Speaking about Article 50 in the House of Lords today (22 November)  Lord Hunt of Wirral (and former cabinet minister) welcomed the suggested that David Davis, Secretary of State for Exiting the European Union has had a ‘very positive’ meeting with European Parliament’s chief negotiator Guy Verhofstad.

He went on to remind the House that: “The UK insurance and reinsurance sector is the jewel in our crown, bringing much-needed stability to businesses, individuals and families – and, in times of crisis, to the economy as a whole.”

He explained that the industry and the broking sector in particular, has a great deal of concern about the terms of the impending exit from the EU in part arising from the number of insurance brokers using ‘passporting’ facilities into and from the EU. Currently 2,750 UK insurance brokers ‘passport out’ to the EU; and over 5,727 ‘passport in’ helping to increase insurance capacity and provide a competitive trading environment.

Lord Hunt continued: “It is vital for the insurance sector to be able to trade freely in the European single market once we have left the EU.”

The comments support calls that BIBA made on Government last month, ahead of tomorrow’s Autumn Statement.

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