Insurance in the United Kingdom after Brexit | Advice for Belgian Companies

Insure your success.
In the United Kingdom too, especially after BREXIT.

Now that the UK has left the EU (Brexit), the question arises how to deal with companies that have a subsidiary in the UK.

There is no deal in the area of financial services (insurance). This has several consequences.

For example, British insurance brokers are no longer able to advise clients established in the EU directly.

Brokers can still arrange coverage for subsidiaries in the UK/EU, but cannot deal directly with them for claims or policy adjustments.

BREXIT: The role of insurance brokers at Belgian-British multinationals is changing!

Now that England has left the EU (Brexit), the question arises how to deal with Belgian companies that have a subsidiary in the United Kingdom. And vice versa.

There is no deal in the area of financial services (insurance).

Belgian company with a subsidiary in the UK

Belgian insurance brokers can still arrange coverage for subsidiaries in the UK, but cannot deal directly with them for claims or policy adjustments.
British and EU insurers interpret the rules differently, with many insisting that, upon renewal, separate FOS or local British policies be issued to an admitted insurance broker in the UK.
We are aware of situations in which EU insurance advisers are no longer able to make changes to British risks under a master programme where there is no locally issued policy.

A Belgian company with risks in the UK

If your company has risks in the United Kingdom but no entity (for example, you have stock there), you may continue to insure this from Belgium.

A Belgian company is a subsidiary of a company in the UK

British advisers are no longer able to advise clients established in the EU directly, unless they hold the appropriate licence.
Many UK companies have taken out insurance on which the Belgian subsidiary is also co-insured.

Conclusion

If your company is a subsidiary of a company in the UK, or you are a subsidiary of a UK company, you need a local (Belgian) insurance broker.
Better still: you need a Belgian insurance broker with an international network.

Want to know more?

Together with our UK partner, we guide you to a solution.

Download the whitepaper: Insurance in the UK after Brexit