What does Brexit mean for our customers?
December 20, 2018
We recognise that you, as valued customers, distributors, and partners may want to understand the steps we are taking to deal with Brexit, and how we are working to minimise any impact on our customers’ policies and our operations. We will regularly update our website with information on this subject.
Throughout the Brexit process we have continued to work closely with regulators and policymakers to prepare for the outcome of Brexit. We have continued to prepare for all eventualities, including a potential ‘hard’ or ‘no deal’ Brexit. We continue to work on our own contingency measures but are confident that in the event of a hard Brexit, we will continue to be able to operate in all of our existing markets with minimal disruption to customers and our operations.
As a Swiss-based, global insurer, Zurich has the great advantage of already having an EU-licensed insurance platform, Zurich Insurance plc, headquartered in Dublin, Ireland, with a branch network across the EU and EEA. We will continue to be able to service general insurance and international programs across the EU post-Brexit.
Zurich's business in the UK falls into two main categories:
- Our General Insurance policies are written by Zurich Insurance Plc (ZIP). Zurich, like many companies, currently relies on EU ‘passporting’ or ‘Freedom of Services’ to service its UK and EU General Insurance customers. We have submitted an application to the UK Prudential Regulation Authority (PRA) for a new UK licensing scheme which means we can continue to do business in the UK with the least disruption for our customers and distributors. Pending approval of that application, the UK Government has already legislated to enable ZIP and other insurers located in the EEA to continue to do business in the UK, even where there is a Hard Brexit.
- Our Life businesses are UK-registered, but we do have some customers who don’t live in the UK. As we await the outcome of the UK and EU negotiations we will continue to support all our customers as needed.
We're here to support you
We see an exciting future for Zurich in the UK and we are committed to serving and working with you, our customers, distributors and partners. If you have questions on Brexit please contact us via your usual route, or email our Brexit team at UK.Brexit.Project@uk.zurich.com