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The UK re-insurance market is likely to shrink due to the UK's exit from the European Union as companies reorganize their operations to ensure access to the EU common market. Nevertheless, London is likely to remain an important re-insurance centre after the country exits the EU.
"Brexit will continue to be a prominent topic for the insurance industry during 2017", said Chris Waterman EMEA head of insurance at Fitch Ratings.
Jeremy Brazil, director of underwriting at Markel Internations, said that "there's going to be a lot of hard work and management time involved in tracking the process and planning our responses to the possible outcomes. And when the outcomes for the insurance industry crystallise, there will be a lot to do to make the right things happen."
French regulators have announced measures designed to woo British businesses to relocate to Paris in preparation for a "hard" Brexit. "With the process for the UK to leave the European Union likely to start in 2017, re-insurers that do not currently have a subsidiary in a non-UK, European Economic Area (EEA) country are investigating their options", said Yannis Samothrakis, partner at law firm Clyde & Co.
The London Market Target Operating Model (TOM) has been set up with a number of initiatives to modernise the London Market and help it overcome the deficiencies revealed in the London Matters report by the Boston Consulting Group.
"The Irish insurance regulator has already confirmed that it has increased employee numbers by more than 25% in 2016 and expects a further increase as a result of a rise in the number of applications from insurers to establish operations in Ireland", Waterman said.