What does Brexit mean for our customers?
November 14, 2018
Brexit is a topic that continues to be high on the agendas 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 continued to work 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.
Zurich's business in the UK falls into two main categories:
- Our General Insurance policies are written by Zurich Insurance Plc. 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 for a new UK licensing scheme which means we can continue to do business with the least disruption for our customers and distributors and avoids them having to transfer their policies unless absolutely necessary. The UK Government has also provided additional certainty by agreeing a Temporary Permissions Regime (TPR) in the event of No Deal being reached between the EU and UK. The PRA has confirmed that Zurich will be part of that Regime.
- 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.
It is not possible for anyone to predict exactly what will happen when the UK leaves the European Union but, as a Swiss-based organization with a global footprint, including across Europe, we already have a unique insight into how successful cross-border business can be achieved.
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