The British Insurance Brokers’ Association (BIBA) has written to senior UK Government figures asking them to consider 11 points affecting the industry during Brexit negotiations.

It says if these issues are not addressed, the nation’s position as the third-largest insurance market is at risk.

BIBA wants to remain in Europe’s single market, or at least have access with regulatory equivalence.

It has also requested that the Financial Conduct Authority be given a statutory objective to support international competitiveness, and it wants UK brokers to be able to continue working in Europe, and vice versa.

“Many of our member firms enjoy the benefits of tariff-free cross-border trade within the EU and European Economic Area,” the letter says.

“Partly as a result of this freedom, the UK is the third-largest insurance market in the world and enjoys a balance of trade surplus in insurance-based products.

“Much of this will be at risk if the UK were to lose the ability to trade freely with the EU.”

In the event of obtaining third-country equivalence, BIBA wants the Government to arrange new bilateral trade agreements and wants members to be able to continue “passporting”.

“The ability to passport into (to obtain customers) and out of the EU (to use EU insurers to increase competition and choice for customers) is critical to maintaining the level of trade the UK currently benefits from.”

Other key points cover captive insurance arrangements, motor and travel insurance, acquisition activity, underinsurance risk, taxation and opportunities with trade credit insurance.

The London Market Group and the London & International Insurance Brokers Association agree with the issues outlined in the letter.

See the full letter here.