UK Insurance Industry Sees Billions Shift As Brexit Sends Business Out Of London

As much as $71 billion from the UK insurance industry is stepping out of London and is headed into locations throughout the European Union.

The shift away from the capital city and into the EU is occurring as a direct result of Brexit.

The EU’s insurance and pensions regulator has issued an order to every underwriter across the UK insurance industry.

Those firms are required to transfer policies held by clients in Europe to units located within what will still be the EU after Brexit. The majority of those total liabilities have already moved to Ireland, Belgium or Luxembourg.

The liabilities are an industry gauge of scale of the potential payout of all the policies.