© Reuters. Lloyd’s of London says crucial to have EU market access

LONDON (Reuters) – Britain’s insurance market must have the same access to the European Union as Bermuda and Switzerland to stay competitive, Lloyd’s of London chairman Bruce Carnegie-Brown said on Wednesday.

Lloyd’s of London has transferred 50 jobs and 300 million pounds in capital to a new subsidiary in Brussels to avoid disruption to customers in the bloc, Carnegie-Brown told a House of Lords committee.

Direct access to the EU from London, known as equivalence, would avoid additional costs, he said.

“If you want a global insurance policy that covers EU and non-EU risks, you have to have two insurance policies. That is unhelpful in terms of our competitive position,” Carnegie-Brown told the EU sub-committee on financial affairs.

It would be surprising if Bermuda and Switzerland continued to have access to the EU market and Britain did not, he said.

“That might pose medium-term disadvantages to us if we don’t enjoy the benefits around equivalence in reinsurance,” he added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  General Electric posts loss, cash flow takes Boeing hit

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here