The € billion value of business written inwards by UK and Gibraltar-based firms for non-life lines of business is significant. Approximately, € billion of non-life business is written domestically and internationally by firms regulated by the Central Bank12. The larger firms typically have activated plans to obtain licences in the EU27.
However, there are some providers, often offering relatively niche products or serving niche markets, where the cost of setting up and running a new EU subsidiary may be prohibitive. In addition to the contract continuity risk, there are clear risks of reduced competition and a reduction in customer choice.