London Insurers Saw 2019 Premiums Drop £4.5B Over Brexit

Law360, London (October 8, 2020, 2:30 PM BST) -- The London insurance market lost £4.5 billion ($5.8 billion) in premium income in 2019 alone as a result of insurers having to restructure their business ahead of Brexit, according to industry calculations.

The International Underwriting Association said in a report Wednesday that such restructuring meant businesses were now less efficient, creating costs that were then passed on to customers.

The U.K. likely will lose its freedom of financial services arrangements — known as "passporting" — with the European Union when a Brexit transition period ends on Dec. 31.

Until now, many insurers have had European headquarters in the U.K., meaning business...

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