ABI hits out at ‘no deal is better than bad deal’ Brexit strategy
By Justin Cash
The Association of British Insurers has hit out at the Government’s Brexit negotiating strategy that no deal is better than a bad deal.
In a speech at the provider trade body’s Brexit conference today, director general Huw Evans will warn that insurers would not be able to stay compliant and serve customers if the UK left the EU without a deal.
Evans is set to say: “It is unacceptable not to have a Brexit deal at the point at which we leave in 2019. As the Chancellor said…the Brexit process has to be delivered in a way that enables business to operate, and our customers not to suffer any unnecessary detriment.
“To meet our clients’ needs as an industry and ensure full compliance with the law, the Government has to deliver an orderly withdrawal, a stable transition and a sensible and mutually beneficial future trading relationship.”
Evans called on politicians to focus on how long-standing customers, including pension contracts written before Brexit, would be treated after leaving the EU.
He also warned insurers may lose licencses in their customer’s jurisdiction if the UK left the single market, so would be worst placed to pay out on claims.
Evans will say: “Achieving this will take time. It is more important to get it right than to pretend things are simpler than they are and set artificial deadlines. We need cross-party parliamentary co-operation to make the legislative process work. We would like to see a framework established for formal cooperation between the main parties in Westminster and between the two Houses of Parliament.”