The initial impact will no doubt be
moderated in the coming weeks.
The formal process of leaving the EU
will take two years to implement, and this
timetable only starts at the point that the
UK formally confirms its intention to leave
the European Union which could take
several months.
During that two year period, we will
continue to operate within the single
market and under the current EU rules
and regulations. Lloyd’s and a number
of the company markets have confirmed
that they are already working closely
with the UK and European governments,
regulators and the European Union on
the transition.
The insurance market has been stable by
comparison; it has continued a general
weakening trend as we complete close
to 18 successive quarters of improving
conditions for buyers. Our general view
is that continued improvement is likely to
be unsustainable, both due to specific
insurance industry factors and the
broader economic environment.