Brexit Is Moving 61 Billion pounds in London Insurance Business to Rival Financial Centers

Insurance Journal | September 03, 2019

London’s outsized role in the global insurance industry is being whittled down by Brexit. As much as 61 billion pounds ($75 billion) of business is shifting to rival financial centers in the European Union as a consequence of Britain’s vote to leave the bloc. And it’s happening regardless of the divorce terms. The EU’s insurance and pensions regulator has ordered every U.K.-based underwriter to transfer policies held by European clients to units on the continent. While the bulk of those total liabilities — the potential payout of all the policies, an industry gauge of scale — has moved or is moving to Belgium, Luxembourg, Ireland and elsewhere, about 5 billion pounds will still be in Britain if Brexit happens Oct. 31, according to the Bank of England’s Financial Stability Report in July.

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Spotlight

The goal of DAYS project is the creation of difference factor in the value-added chain "Investment - Insurance - Health care - biotech" with more lucrative products, and redistribution of benefits to DAYS contributors. This goal is to be achieved by incentivizing end users and health providers to enter DAYS sharing economy The best is AI driven app “I Am”, providing life management: all information one needs for health and well-being.

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