Lending its know-how to the Treasury and Department for International Trade, the Association of British Insurers (ABI) has proposed terms for future trade agreements with countries outside the European Union.
“Having worked closely with our members and with experienced trade negotiators, we can now offer a framework to government which should serve a very practical purpose in upcoming trade negotiations, and help maintain London’s position as an international centre for insurance,” said ABI director of regulation Hugh Savill, as quoted by a City A.M. report.
According to the report, the proposed terms include ease of data transfer for risk assessment and underwriting purposes, as well as the relaxation of rules on foreign ownership.
“Since a number of our members have been operating internationally for decades we have access to unique expertise to help shape the terms and conditions of future trade deals that would apply to us,” said Savill. “We’ll continue to make our expertise available to government in the years ahead.”
The trade body was also cited as saying that the UK’s departure from the EU presents an opportunity for British insurers to tap “priority markets” such as Asian countries China and India.