Dave Matcham, chief executive of the International Underwriting Association, said:
“It is a great relief to hear that Brexit discussions are now ready to move onto the details of a new trading relationship between the EU and UK. London’s role as a global insurance centre, hosting branch operations of companies from across Europe, means our sector will be a key focus for negotiations.
“I hope that over the next few weeks a greater certainty can now be established about the regulatory status of insurance operations post-Brexit. It is vital that firms receive this confirmation before they come under pressure to begin implementing their contingency plans for a scenario in which no new trade agreement is achieved before the Brexit deadline of March 2019.”