The historic June 23, 2016 vote by a majority of voters for the United Kingdom to leave the European Union has dominated the headlines and roiled financial markets around the world – and for good reason. The U.K.’s withdrawal from the E.U. will have an enormous impact on the U.K itself, on the E.U., and on the rest of the world. Many of the consequences of Brexit will only become apparent as the long process that is about to commence unfolds over the course of the next few years. But while all of the consequences of Brexit will only become fully apparent over time, many of the likely effects can be predicted or at least anticipated now.
Among other things, because the financial services sector is among the industrial segments to which E.U. regulations have most extensively been applied, the financial services sector is among the segments that will be most significantly affected. In the following post, I review some of the ways that Brexit will impact the insurance industry, and discuss the implications for the industry, as well.
Continue Reading What Does the Brexit Vote Mean for the Insurance Industry?