The Association of British Insurers (ABI) has urged the Government to focus on keeping the UK globally competitive and for policyholders to stay calm after the country’s decision to leave the European Union.
“Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore avoid hasty decisions about their financial matters,” said Huw Evans, director general of the ABI.
“For the UK Government, it will be important now to focus on ensuring the UK remains a globally competitive place to do business with the best possible future trading network with the EU and the wider world.”
Evans added that the UK insurance and long-term savings industry is strong and built to protect customers from market uncertainty and shocks, making it easier to absorb any negative effects of Brexit.
BIBA has also commented on the referendum result, saying that it would work with the Government to ensure the best interests of insurance brokers and their customers were fully represented during the exit negotiations.
“This is an unprecedented situation for the UK and BIBA is conscious that this will create a considerable amount of work and concern amongst members and their customers,” said BIBA in a statement.
“The process of negotiating exit terms, setting out future arrangements with the EU and creating trading deals is likely to take some considerable time and will impact our industry during that period.
“BIBA will work with the Government and other authorities to ensure that the interests of insurance brokers and their customers are fully represented in these vital negotiations. BIBA will make this a priority work stream during this time.”