With the EU referendum taking place in just a few days time, the Chairman of BIBA, Lord Hunt of Wirral, has asked its members to make their vote count and to consider carefully the benefits to the insurance broking sector of remaining in Europe.
The British Insurance Brokers’ Association has publicly stated that it believes unequivocally that the British insurance broking sector would be better off remaining in the EU. This position was reached as a result of discussion with its members. It is a view shared by EPG Administration Services Chairman, John Shepherd, which you can read here. The view that a British exit from the EU would be disadvantageous to the insurance broking sector is founded upon a number of factors:
1. It would lead to uncertainty for businesses, leading to an adverse impact on investment, customer groups and the insurance market overall.
2. The existing system of insurance companies ‘passporting’ into the UK could cease, potentially leading to a serious reduction in choice for UK consumers.
3. It would seriously damage the ability of brokers to place business on behalf of clients domiciled elsewhere within the EU.
Speaking about the referendum, BIBA Chairman Lord Hunt of Wirral said; “I believe that remaining in the EU would be a vote for business stability over uncertainty. A ‘remain’ vote would stimulate investment and boost confidence that we will be able to continue to trade freely under the EU freedom of services provision. That, in turn, would benefit both us within the sector and also our customers.”