Almost three quarters, 71 percent, of surveyed insurance executives believe a UK exit from the EU would be bad for business in the London insurance market, according to Xuber.
Insurers fear that a ‘Brexit’ could diminish the London insurance market’s position on the global stage, found the Risk Management Survey 2015.
The estimated GDP contribution of the London market, according to the London Market Group, was £12 billion in 2013, representing 10 percent of UK financial services, 21 percent of London and 32 percent of the overall UK insurance sector contribution.
Justin Davies, a director at Xuber, commented: “It is clear from the responses that remaining in Europe is a priority for a majority of insurers, all of whom want in place economic, political and regulatory conditions in which the London market can continue to thrive.”
“The results also show how companies recognise the need to embrace new technology and tools in order to remain at the forefront of this highly competitive industry. Importantly, the responses have revealed what our clients and the market in general want from their partners and service providers, and where they perhaps need more support than they are currently receiving.”
Conversely, 29 percent of those surveyed disagree that an EU exit would necessarily be bad for the London market. The UK government has promised to hold a referendum on EU membership by the end of 2017.
