The Impact of Brexit on Insurance and Reinsurance

David Kendall (Partner, Cooley (UK) LLP, Visiting Professor, Centre for Commercial Law Studies, Queen Mary University of London) |

As matters currently stand, the United Kingdom will cease to be a member of the European Union on 29 March 2019. What impact is that likely to have on insurance and reinsurance?

Although the EU Commission and the UK Government are negotiating the terms of the UK’s exit and what may apply thereafter, given the apparent lack of progress, the breadth and depth of ground to be covered, and the lack of time within which to achieve agreement, the most likely outcome is the UK’s departure from the EU with no agreement in place, at least as regards access of UK insurers to the EU and vice versa. This article will consider the position on that assumption.

On Brexit, the UK will lose the benefits of membership of the EU and