China, India Priority Markets For UK Insurers After Brexit
UK insurers are not waiting for the outcome of the Brexit negotiations, but are taking steps to secure their business future by establishing a framework for development abroad. The British Insurers Association (ABI) proposes a template for future trade agreements with non-EU countries, which helps pave the way for insurers based in the UK to expand their operations to new countries.
The framework is a document offered to HM Treasury and the Department of International Trade as a text that could be inserted directly into future commercial agreements on financial services as they are negotiated with specific countries.
The two main priority markets for insurers in the United Kingdom, China and India are territories for which there is currently no EU trade agreement. Other trade agreements concluded by the EU should be replaced by specific agreements of the United Kingdom after Brexit.
Among the proposed terms are:
* Relaxation of rules on foreign ownership, to help companies achieve a minimum participation of 51% in companies and, therefore, have a controlling stake.
* Releasing regulations on data transfer, to ensure that firms can move data across borders in a way that allows them to properly assess risks and sign them.
* Ensure the inclusion of pension and savings products, so that UK companies can also compete in long-term savings products in a greater number of countries.
Hugh Savill, Director of Regulation of the ABI and former trade negotiator, said:
“The UK’s long-term insurance and savings sector is already the fourth largest in the world and is ready to be at the forefront of helping to ensure Britain’s prosperity after Brexit.
“Having worked closely with our members and experienced trade negotiators, we can now offer a framework to the Government that should have a very practical purpose in the upcoming trade negotiations, and help maintain London’s position as an international center for insurance
“Our industry has needs and priorities that are different from other parts of the financial services sector, because several of our members have been operating internationally for decades, we have access to a unique experience to help shape the terms and conditions of future commercial agreements. that would apply to us, we will continue to make our experience available to the government in the coming years. “