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Posted in: Business Insurance
By Rowlands & Hames - 28 June 2016
The Association of British Insurers (ABI) and insurers and have said that it is too early to say what the impact of the Brexit vote will be on the industry, but have stressed that "it is business as usual".
Business as usual
Huw Evans, director general of the ABI said the UK insurance and long-term savings industry was 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," said Evans.
"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."
Similarly Axa's chief executive officer, Paul Evans, said: "It is far too early to say with any degree of certainty what impact the vote will have on our customers, our business and our employees in the UK.
"Following the outcome of the vote we will now monitor the coming withdrawal negotiations closely and will continue to support our customers and employees in the time ahead."
Work with government
Biba has confirmed that it would work with the UK government to ensure best interests of insurance customers are fully represented during the exit negotiations.
Meanwhile, Jon Dye, chief executive officer at Allianz Insurance said the company had a "long term commitment" to the UK market and to all of its commercial and personal lines customers.
"Our priority remains to offer the best levels of service to our customers and to support them through this period of uncertainty. So, for Allianz UK, it is very much ‘business as usual'."
Aviva said its UK operations and other subsidiaries in the EU were well capitalised and would continue to trade as normal.
It stated: "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."
The insurer added that it would continue to monitor the "technical implications" of the vote to leave.
Tagged with: Brexit