A survey of re/insurance brokers found that 80% of those polled are confident that the London insurance and reinsurance market will retain its global position after the UK leaves the European Union.
Despite the results of the Brexit vote and the fact the UK is heading for an exit from the EU, brokers believe it will not hurt the London market’s position as a hub for re/insurance activity.
The survey also found that very few brokers have plans to leave the UK, because of Brexit.
Of 250 brokers surveyed, only five have put in place any contingency plans to move part or all of their business to the EU once the UK has exited from the European Union.
James Henderson, Managing Director Insurance UK & Ireland, of the DAS UK Group which commissioned the survey, said; “It’s clear from our latest quarterly survey that broker confidence both in their own business performance, and London’s ability to facilitate it, remains very buoyant. Furthermore, with only a small number making any form of contingency plans to set up in the EU, I hope this optimism is rewarded by the government’s negotiating team as they consider the needs of brokers and the wider UK insurance industry.”
Brokers are also bullish about their own future, with 49% of those polled expecting their businesses to grow by double-digits over the next two to three years.
