What does Brexit mean for our customers?
We recognize that our valued customers and distributors may want to understand the steps we are taking to deal with Brexit, and how we are working to minimize any impact on our customers’ policies. We will also update our website with information as it becomes relevant.
Throughout the Brexit process we have continued to work closely with regulators and policymakers to prepare for the outcome of Brexit. We are preparing for all eventualities, including a potential ‘hard’ or ‘no deal’ Brexit. We are confident that in the event of a hard Brexit, we will be able to operate in all of our existing markets with minimal disruption to customers.
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 European Union 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 are very confident that we can continue to meet customers’ needs in the UK and the EU following Brexit. We see an exciting future for Zurich in the UK in Europe and beyond.
