The Future Eco­no­mic Rela­ti­ons bet­ween the EU and the UK

Economic relations with the United Kingdom will become less intense after Brexit. This will especially be the case for the financial services industry. The challenges faced by the insurance industry are manyfold.

To minimise the direct and indirect consequences, Brexit will have on insurance business, several aspects are of key importance:

  • Use of existing rules on mutual market access (e.g. equivalence)
  • Close supervisory cooperation
  • Legal certainty in the field of investments and an environment facilitating adjustments
  • Legally sound transfer of data
  • Freedom of movement for highly skilled professionals
  • Completion of the Capital Markets Union (CMU)

Due to the ongoing high level of uncertainty, companies are for precautionary reasons preparing for a “hard Brexit”. To minimize disruptions following such an undesirable outcome, it is equally important that legislators and supervisors prepare emergency arrangements as well.

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