Brexit: Insurers’ response

Insurers are responding today to the news of the EU referendum result.

Huw Evans, director general of the Association of British Insurers (ABI) said, ‘The UK insurance and long-term savings industry is strong and built to protect customers from market uncertainty and shocks.

‘Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore avoid hasty decisions about their financial matters. For the UK government, it will be important now to focus on ensuring the UK remains a globally competitive place to do business with the best possible future trading network with the EU and the wider world.’

Ageas says, ‘From an Ageas perspective, the withdrawal of the UK from the EU doesn’t change the overall Ageas view on the UK market. The UK is a significant contributor to the non-life business of Ageas Group and remains an important market for Ageas.

‘We remain fully committed to our customers and meeting their needs. There is no need for you to take any action with your policy with Ageas. Cover remains in place and unchanged.’

Aviva plc says the outcome of the UK referendum will have no significant operational impact on the company.

It has conducted extensive analysis of the possible implications of a vote to leave the EU and believes its operations in the UK and its other subsidiaries in the EU are well capitalised and can continue to trade as normal.

Aviva continues to be supervised by the PRA/FCA as lead regulator and Aviva’s European subsidiaries are incorporated and regulated locally and principally trade in their local market. At Aviva’s 2015 preliminary results, published in March 2016, Aviva reported a Solvency II ratio of 180% and a surplus of £9.7 billion.