Some 6 million policyholders in the UK and a further 30 million in the European Economic Area could be affected by a “hard Brexit”, the Bank of England has warned. If the UK and Brussels do not reach an agreement concerning cross-border contracts after Britain has left the European Union ensuring that firms can keep paying out claims discontinuity of coverage, a serious business continuity risk will arise.
Much as this is an outcome no side wants, at the same time reality dictates that this is the direction of travel which makes the anticipation of the outcome of the negotiations even greater.
