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U.K. exit from E.U. would hit competition in insurance: Central Bank of Ireland

Posted On: Jun. 20, 2016 12:00 AM CST

The Central Bank of Ireland has warned of reduced competition in the insurance market if Britain votes to leave the European Union, reported Irish Independent.

"A Brexit from the E.U. could have implications for insurance firms located in Ireland conducting business in the U.K. market, while the possible removal of U.K. competitors may benefit other firms operating in Ireland," said the bank.

"Irish insurers may face restrictions upon their ability to conduct cross-border business into the U.K. and, similarly, U.K. insurers operating in Ireland may face restrictions," in the event of Brexit, said the bank.

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