Germany’s Deputy Finance Minister Joerg Kukies is encouraging insurance and reinsurance firms to prepare for the UK’s Brexit negotiations to end in no-deal.
According to Reuters, the Minister called on re/insurers to make preparations for the UK crashing out of the EU without a deal, but also noted that Germany is open for business for financial services firms looking for a new home that insulates them against the effects of the UK’s departure.
The comments came as UK Prime Minister Theresa May said that she would opt for a no-deal Brexit over the current offering from the EU.
The UK exiting the EU without a Brexit trade deal or agreement could mean more closed borders, barriers to free trade and difficulties passporting into European markets for UK re/insurers and other financial firms.
As a result, many companies based in the UK have been making preparations for some months now, with Brexit bases established in European cities.
But now it seems the German government is also urging its own re/insurers to be ready for a no-deal Brexit, while at the same time trying to encourage any UK financial firms looking for a new European home to consider the country.
