Industry groups warn of insurance business shift from London if Britain exits E.U.

Insurance industry groups have said that European Union insurance business written from London would shift to the continent if U.K. votes to leave the bloc, reports Reuters.

Lloyd's of London, the International Underwriting Association of London and Fidelis Insurance said in a joint paper that about 16% of London's insurance business comes from E.U. nations excluding Britain. British insurers would have to lodge large sums of money in E.U. states, report to local regulators and comply with tough regulations in the bloc if Britain votes to leave, it added.

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