Deloitte comments on the impact of Brexit to insurance

Jonathan Burdett, insurance partner, Deloitte:

“Insurers have been well placed for many years to withstand economic shocks. Although a Brexit is a bigger shock than seen for many years, insurers are mobilising their contingency plans to respond.

“Whilst there are many technical legal and regulatory considerations, the level of uncertainty means insurers must focus on the fundamentals that build trust with their customers, people and shareholders. They should set out clearly how they will continue to pay claims, safeguard policyholder assets and provide customers with products and services. On top of this, insurers need to review their strategies, plans and structures to mitigate future risks. It is important they provide clear communications on how their actions will benefit their stakeholders by enhancing their financial and operational resilience.

“Insurers need to move quickly to ensure trust. A team should be established, working across the firm, to plan for a range of outcomes in the coming years and should have a direct line of communication with the CEO and board. This will ensure considerations are as broad as possible and are communicated clearly to stakeholders.”

End

Notes to editors

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

Member of Deloitte Touche Tohmatsu Limited.