Question to the Department for Exiting the European Union :

To ask the Secretary of State for Exiting the European Union, if he will take steps to ensure that negotiations on the UK's exit from the EU will support the UK's insurance industry so that it remains a significant UK export industry.

We fully recognise the UK insurance industry’s valuable contribution to our economy. As a Commons report found last year, the Financial and Insurance Services Sector contributed £124.4bn to the UK economy, and represented 8% of GVA.

The UK insurance industry is the largest in the world, and manages over £1.9 trillion of investments.

The industry is underpinned by a number of factors including a pool of liquidity in the UK and significant expertise built up over decades.

We have held a number of meetings with the insurance industry and DExEU and HMT recently held a roundtable with representatives of the financial services industry including leading insurers to ensure all views are reflected in our analysis of the options for the UK’s withdrawal from the European Union.

The government is committed to ensuring the UK remains a world leader in this area.