The right Brexit deal will not only ensure the insurance industry continues to be a “jewel in the UK’s crown”, but will also allow it to fulfil cross-border contracts, Association of British Insurers (ABI) Director-General Huw Evans says.

He told the ABI’s Brexit conference in London it would be “unacceptable” to have no deal when the nation exits the European Union in 2019.

Contracts written pre-Brexit will need clarification because if insurers lose licences to operate in an overseas customer’s jurisdiction, they will not be able to fulfil them.

This could mean pension payments from the UK into the EU or vice-versa cannot be paid, and could also affect the ability to pay claims on liability insurance offered across the continent.

“The Brexit process has to be delivered in a way that enables business to operate, and our customers not to suffer any unnecessary detriment,” Mr Evans said.

Other arrangements in jeopardy include the European Health Insurance Card, which provides reduced travel insurance, and the motor insurance green card that guarantees third-party insurance across EU countries.

A recent ABI-commissioned study shows the insurance and long-term savings industry contributes more than £40 billion ($67.68 billion) a year to the UK economy.

It leads the world in exports, selling £13 billion ($21.99 billion) a year more to the rest of the world than it buys.

In 2014 Britain exported almost double the insurance and long-term savings total of its nearest rival the US.

The industry also employs 309,000 British workers, 86% of which are full-time, compared with the UK average of 67%. Three-quarters of employees work outside London.

“Ensuring the continuing success of such a productive sector is something the UK representatives should have at the front of their minds during negotiations with the EU,” Mr Evans said.