Brexit no-deal: some insurance aspects

What happens if Brexit occurs without an agreement? Insurance Europe, the European Insurance Federation, has reported three consequences for car, health and travel insurance.

Published on 10 Apr 2019

The Brexit issue is still the main topic of the news, dividing the opinion of even the most expert on the possible effects of the different Brexit hard and soft options, and the no-deal, which in recent days seems to be the most likely hypothesis. 

Insurance Europe has published a checklist on the insurance implications of a no-deal Brexit. 

Car insurance – Currently, drivers insured in any EU Member State can drive their vehicle in any other EU Member State. However, since no agreement has been reached as to how this should continue, in the case of a no-deal Brexit, both UK and EU drivers should check with their insurance company whether they need a green card. 

Health insurance – Currently, EU residents travelling within the EU can apply for a European Health Insurance Card (EHIC) which provides access to health care in other EU countries. However, in the case of a no-deal Brexit, EHIC cards will not be officially recognised by the UK for EU travellers or conversely. Therefore, travellers must ensure to have adequate health or travel insurance to cover the necessary health services during the journey. 

Travel insurance – Again, with a no-deal Brexit, while travellers from the UK to the EU should still be covered by EU or EEA policies, it’s not the other way around, so those entering the UK should check that their policy covers their destination before travelling. 

The UK and EU regulatory authorities have agreed to continue to cooperate in the supervision of insurers, should Britain leave without agreement. 

“The EU and UK insurance markets will remain interconnected in any situation and therefore the ongoing cooperation with our EU counterparts is of utmost importance”, said Andrew Bailey, Managing Director of the UK Financial Conduct Authority. 

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