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EU insurance contracts should stay in place post Brexit: Lloyd's

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EU insurance contracts should stay in place post Brexit: Lloyd's

Inga Beale, chief executive of Lloyd's of London, said that existing European Union insurance policies should stay in place post Brexit as the process of dividing them into British and EU contracts would be too complex, Euronews reported citing Reuters. Transitional arrangements alone would not be enough for insurance contracts, where policyholders can pursue claims years after a policy is taken out, Ms. Beale said. The Lloyd's of London insurance market derives around 14% of its business from Europe, excluding Britain.

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