What does Brexit mean for our customers?
May 9, 2018
Brexit is a topic featuring more and more in our conversations with customers and distributors. In particular, they want to know about the impact of Brexit on their policies and what this means for their relationship with us.
Throughout the Brexit process, we have worked closely with the UK, European and Swiss regulators and policymakers. This ensures we can continue to best serve our customers by being ready for the eventualities Brexit may bring.
Without doubt, there is impact for companies like ours who do business in or into/out of the UK. We are a global insurer operating across the world and the UK and Europe are important for us as part of that. We are fully committed to our customers, distributors and employees pre-, during- and post- Brexit and will do what is right for them.
Zurich has the great advantage of already having an EU-licensed insurance platform, Zurich Insurance plc, headquartered in Dublin, Ireland. From here, we will still be able to service general insurance and international programs across the EU post-Brexit. And, as a Swiss-based organization with a global footprint including across Europe, we have a unique insight into how successful cross-border business can be achieved.
Zurich's business in the UK falls into two main categories:
- Our Life businesses are UK-registered entities, so there is no direct impact relating to Brexit on our policies for Life, Protection, Pension and Investment customers.
- Our General Insurance policies are written by Zurich Insurance Plc. Zurich, like many companies, currently relies on EU “passporting” to service its UK and EU General Insurance customers. The EU/UK 'Transition Deal' that has been agreed in principle essentially means it’s status quo until December 2020. The Bank of England has also provided additional certainty to insurers and customers that they stand ready to take necessary back-up measures to ensure business continuity for insurers. Despite this reassurance, we are pursuing a new UK licensing scheme which means the least disruption for our customers and distributors and avoids them having to transfer their policies unless absolutely necessary. At the same time, we are working on a longer-term approach through which we’ll be able to take into account the future relationship between the UK and the EU.
We are very confident that we can continue to meet customers’ needs following Brexit in the UK and the EU. We see an exciting future for Zurich; in the UK, in Europe and beyond.
We're here to support you
We see an exciting future for Zurich in the UK. We are committed to serving you, our customers and distributors, and if you have questions on Brexit or other matters please contact us via your usual route, or email our Brexit team at UK.Brexit.Project@uk.zurich.com