Lloyd’s is pushing to have continued trading rights in Europe after the UK leaves the European Union, but “slight fragmentation” in the financial sector means there are many uncertainties.

CEO Inga Beale told the Insurance Council of New Zealand’s annual conference in Auckland this morning that Lloyd’s “can’t wait” for the UK Government and will move ahead with its own program to deal with the Brexit issue.

“The Government is giving out very little detail on its intentions,” she told the conference.

“We do not know what deal they are even aiming to strike with the EU.”

The UK’s High Court last week ruled the Government cannot invoke Article 50 of the EU Treaty until it has held a parliamentary vote. Article 50 states any member country can withdraw from the EU “in accordance with [their] own constitutional requirements”.

The UK does not have a written constitution, and Ms Beale says the ruling that a parliamentary vote is needed to trigger the exit process “just adds even more uncertainty”.

Lloyd’s has warned about 4% of its revenue could be directly affected by Brexit, among wider repercussions.

Ms Beale says the market is considering setting up branches in Europe or may pursue a “subsidiary model”.

“We will come up with a solution, which we will start to put in place early next year, because we can’t wait for the Government to take action,” she said.