The UK’s role as the leading insurance centre is at risk if it loses access to the European Union’s huge market after leaving the bloc, the British Insurance Brokers’ Association says.

“A significant amount of business enters the UK market from large markets outside of the EU such as the US because the UK is viewed as the gateway to Europe,” CEO Steve White said.

“This is why we need a sector-specific solution to enable the UK insurance market to continue to provide cross-border services to the EU, bearing in mind the importance of our sector to the economy and the balance of trade.”

The Government needs to secure a bold free trade agreement with the EU that will include allowing the industry “barrier-free, tariff-free access” to the bloc, he says.

The industry has voiced concerns the UK may lose its right to provide financial services throughout the bloc – commonly known as passporting – during Brexit negotiations.

Prime Minister Theresa May has pledged to seek a “bold and ambitious free-trade agreement” with the EU.