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ARTICLE · 13 JANUARY 2017

Brexit And The Insurance Market – Destination Malta?

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But the consequences for the London insurance market could be very serious and as such they merit to be addressed immediately.

MaltaFinance and Banking
Dr. Edmond Zammit Laferla
Dr. Edmond Zammit Laferla
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Following the June 2016 decision of the UK voters to exit from the European Union, a number of players in London insurance market started querying the possible long-term effects of Brexit. The main concern that is being flagged refers to the access to the EU single market. Undoubtedly, the single passport regime proved to be a successful story for the EU, which underpinned the continued growth and solidity of the EU's financial services industry. But, what if Brexit actually happens, the UK has to forfeit its right to access the EU single market and its firms will no longer be able to passport into the EU to offer their services? Presently, there is not much agreement on whether a "hard Brexit" will indeed be imposed on the UK – the exit negotiations have yet to start. But the consequences for the London insurance market could be very serious and as such they merit to be addressed immediately.

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