Asked by: Earl of Kinnoull (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty’s Government whether they have made an assessment of the impact of the potential loss of EU passporting rights on the international insurance and reinsurance companies operating in London, following the UK's departure from the EU.
Answered by Lord Young of Cookham
The Government is committed to getting the best possible deal for the UK financial services sector following the UK's departure from the EU.
The insurance sector is diverse and the Government recognises that many firms are focused on domestic markets only. However, the Government understands that EU market access is important to the London Market, a leading global centre of expertise for specialist and commercial insurance, which provides valuable services to businesses in the EU and internationally.
The Government has already engaged with international insurance and reinsurance companies and other key stakeholders in the insurance sector, and will continue to do so over the coming weeks and months. We are carefully analysing the impacts that withdrawal from the EU will have on their businesses, consumers and on other related economic activities. We will listen to concerns, aim to limit uncertainty in the transition and ensure our new relationship with the EU works for such businesses.