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Thread: Insurance and Brexit Implications

  1. #1
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    Insurance and Brexit Implications

    Received letter today from my motor insurance company, Aviva Insurance Ltd. The letter basically states that they as a Uk based company may lose right to carry out business in EU after brexit and have applied through courts in Edinburgh to transfer business to an Irish subsidiary. They state that it wont effect me if several conditions are applied but it does look like it is at the mercy of the court in Edinburgh so is not certainty.

    Might amount to nothing but interesting to see what dances different companies are already having to do in order to maintain business in Ireland/EU. If some of them cannot continue here it will obviiously reduce competition and be a negative for us.

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    You could do worse than get a bet on with Paddy Power that Aviva will move it's EU office to Ireland.
    2002 1150 Adventure.

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    I noted that my renewal quote said no EU cover. I spoke to them and was told that i would only be covered for 3 days comprehensive and would then revert to 3rd party cover. However, i was told i could apply for a green card which would give me full cover. Max cost of said card for my car - about Ł44. Is this normal?
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    Brexit - turning a bimble accross the channel into a proper adventure!

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    Whatever the details you can bet that it’s going to cost you more.

  6. #6
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    What a load of ole bollox!

    The risk undertaken by the insurance company doesn't much change because of some political or geographical boundary. How the fuck do marine insurers manage?
    Thomas! There's a mouse duck in the house!





  7. #7
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    Quote Originally Posted by Greg Masters View Post
    What a load of ole bollox!

    The risk undertaken by the insurance company doesn't much change because of some political or geographical boundary. How the fuck do marine insurers manage?
    The ONLY reason we dont currently pay for a green card like we used too is competition in the market, they are only required to offer 3party when in the EU, some insurance companies still require you to inform them of any travel out of the UK, and they still want to actually issue a green card, most dont, but they, Went on a trip in October with about 25 others and we had a range from mine where your covered everywhere and only electronic docs issued to others that had to carry the green card with them and all the paperwork. Just depends on the company.
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    This is all about Insurance companies rights to conduct business in other EU countries. UK insurers can conduct business in EU countries under what's called "passporting" rights.

    Regulators across the EU have decided that "conducting" insurance business includes paying claims, administering policies, etc. and so this has to stop if you're not part of the Brussels gang any longer.

    So if you have motor insurance with a UK company and live in say Ireland, then there will be a risk that the UK insurance company will not be able to continue to cover you, pay claims, etc in the event of a no deal Brexit as technically speaking they will be acting illegally i.e. Contrary to EU law. This really only affects UK companies doing EU business as the UK has helpfully confirmed that it's ok for EU insurers to carry on covering consumers in the UK but the EU regulators have declined to reciprocate.

    Most uk insurance groups that do cross border EU business like this are implementing contingency plans which usually involve transferring all policies for non-Uk policyholders into their existing or new subsidiaries located in EU countries to allow business to carry on post Brexit and to make sure there is minimal impact to existing customers. To do this they have to go via the Courts in the UK.

    So if you live in Ireland, in this case you will see no change other than that your insurance is provided by a subsidiary of Aviva based in Ireland as opposed to the UK.

    Simples!!


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    Leave means Leave

    and all it entails, I wonder how the gung-ho Brexiteers feel now about everything going up and being more complex
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  10. #10
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    So I have worldwide travel insurance. Does that mean my insurer has a trade agreement with every country? I don't think so.....
    Thomas! There's a mouse duck in the house!





  11. #11
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    I'd hazard a guess that travel insurance is a completely different animal.

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    It's simply all about where the customer (policyholder) lives, not what's covered by the insurance.

    UK insurance company/UK resident customer = no change

    UK insurance company/ EU resident customer = transfer the policy


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    Quote Originally Posted by Desperatedan View Post
    This is all about Insurance companies rights to conduct business in other EU countries. UK insurers can conduct business in EU countries under what's called "passporting" rights.

    Regulators across the EU have decided that "conducting" insurance business includes paying claims, administering policies, etc. and so this has to stop if you're not part of the Brussels gang any longer.

    So if you have motor insurance with a UK company and live in say Ireland, then there will be a risk that the UK insurance company will not be able to continue to cover you, pay claims, etc in the event of a no deal Brexit as technically speaking they will be acting illegally i.e. Contrary to EU law. This really only affects UK companies doing EU business as the UK has helpfully confirmed that it's ok for EU insurers to carry on covering consumers in the UK but the EU regulators have declined to reciprocate.

    Most uk insurance groups that do cross border EU business like this are implementing contingency plans which usually involve transferring all policies for non-Uk policyholders into their existing or new subsidiaries located in EU countries to allow business to carry on post Brexit and to make sure there is minimal impact to existing customers. To do this they have to go via the Courts in the UK.

    So if you live in Ireland, in this case you will see no change other than that your insurance is provided by a subsidiary of Aviva based in Ireland as opposed to the UK.

    Simples!!


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    Don't you be coming on here stopping a thread dead in its tracks with simple solutions

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  14. #14
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    It might be the simple solution. However I think its the first time I've ever received a letter from a service provider of any sort saying that they might be able to continue with their service or indeed they might not. I think every other letter that I can remember where a bank or insurance company has been transferring my service/account has had certainty and a date from which the planned transfer of business would take place.

    While the plan is to transfer to a subsidiary, that plan is not in place as it depends on the future decision of a court so nobody can say with 100% certainty that this will be the outcome.

    Its the uniqueness of this situation that I wanted to raise with this thread. The reductiion in economies of scale for the insurance operators will bring added costs for insurance too.

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    In the (bad) old days of the border, there were signs at the border reminding motorists to ensure their policy was valid for Northern Ireland. In the very bad old days you couldn’t take your car across without the correct permit. Which mean my father courting my mother was a bit complicated. In the dark dark days you couldn’t even take butter across. (Legally). However before that it was all fine as it was all part of the same trading region. For butter trading anyway.

  16. #16
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    Quote Originally Posted by B Murr View Post
    It might be the simple solution.........

    ........Its the uniqueness of this situation that I wanted to raise with this thread. The reductiion in economies of scale for the insurance operators will bring added costs for insurance too.
    Hi Murr, just in case my post was misinterpreted, my mirth wasn't aimed at belittling the legitimate questions you raised by starting this thread

    twas aimed at poking fun at the couple of posters (other suspects are available) who seem to jump in on any and every thread linked to brexit with private Frazer like "we're all doomed" one line comments, without actually contributing anything meaningful or helpful to assist in addressing the problems being discussed :

    Engineer et all, bring something to the table or just stop contaminating threads outside the bar with your miserable wittering's. We get it, you're against leaving the EU, do you really need to use every single platform to regurgitate the mantra?

    Mini rant over , carry on genuine posters with an actual interest in the specific topic being discussed

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