Brexit could make UK insurance more competitive | KPMG | UK

Brexit could make UK insurance more competitive

Brexit could make UK insurance more competitive

Sian Hill, Head of Brexit for Insurance, KPMG UK, comments on Theresa May’s much anticipated Brexit speech.

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Commenting on Theresa May’s much anticipated Brexit speech, Sian Hill, Head of Brexit for Insurance, KPMG UK, said:

“Theresa May has made her intentions quite clear. Through the past months of uncertainty, UK insurers have been preparing for this outcome and putting plans in place for life after a ‘hard brexit’. It will throw up challenges but opportunities could also arise from increased competition and a need for new products.”

Speaking at the Treasury Select Committee on European Insurance Regulation, Phil Smart, Head of Insurance, KPMG UK, added:

“However the Brexit negotiations turn out, UK insurers need to retain an ability to operate in Europe and maintain regulatory equivalence. But leaving the European Union does give us an opportunity to make some adjustments to Solvency II that make the post-Brexit UK insurance market a more competitive one. There needs to be a balance between consumer protection and market competition and alterations can be made without moving away from the globally recognised regulation of Solvency II entirely.” 

Ends

Notes to editors:

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E: Christina.Bridge@KPMG.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff.  The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

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