By Neil Stewart, Editorial Director, City View
A Hard Brexit could change the way Ronaldo’s legs are insured.
Even before Article 50 was triggered the risk of a hard Brexit has impacted the way some city firms are structuring their business. 30 Insurance brokers have already registered with the Irish Regulators even before last week’s Article 50 announcement.
It is soon to be 31 according to Ian Cooper of Lockton and a member of the British Insurance Brokers Association (BIBA). Cooper announced that his firm have almost completed the 300 pages of compliance submissions required and thinks many more brokers are likely to follow, if only to make sure they have a contingency ready for a hard Brexit outcome.
Speaking to city professionals from the UK and Ireland on the day Article 50 was triggered he set out the rationale and the steps his firm have taken since the referendum. As one of the 10 largest private insurance brokers in the world this is a significant decision that will be watched by others, and provides a fascinating insight into the cold calculations companies are have having to make after the Brexit referendum.
Nor does he think UK government have the depth of knowledge yet to keep on top of the many things that Brexit could impact, including where Ronaldo’s legs and Bruce Springsteen’s voice get insured.
He revealed concern that EU nationals working in the industry are reporting being turned down for mortgages by UK banks because of Brexit uncertainty, creating recruitment issues now, not in 2 years time. Mr Cooper also highlighted that the affordable travel insurance we take for granted is underpinned – you guessed it – by EU agreements on reciprocal emergency treatment cover than might not continue, adding confusion and complexity to a huge consumer insurance market.
If you work in finance or insurance in the city and want to understand how Brexit choices are made, make a cup of strong tea and listen to Ian Cooper’s story and gain insight into what Brexit means for firms that work across borders in Europe. A must for everyone in insurance.
