Brexit: What does it mean for the insurance industry?
Mayer Brown Legal Update
As we have discussed in our prior communications over the last two weeks, the majority vote in favour of the UK’s departure from the European Union (“EU”) means that businesses operating in the UK now face a period of uncertainty, no more so than in the insurance industry. The UK insurance industry is the largest in Europe and the third largest globally, contributing over £25 billion annually to the UK GDP. The decision to leave the EU will have specific effects on the insurance industry depending upon the terms of exit to be negotiated with the EU.