The UK and Switzerland have signed a direct insurance pact that will allow insurers and reinsurers to trade freely between the two countries post-Brexit.
The insurance free trade deal was signed by the UK Finance Minister Phillip Hammond and Ueli Maurer, President of the Swiss Confederation and Head of the Federal Department of Finance.
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The deal will reproduce the terms of the EU’s insurance agreement with Switzerland and will come into force after the existing EU-Swiss direct insurance pact ceases to apply to the UK.
Insurance free trade deal
The signing of the agreement is part of a series of meetings the UK’s Finance Minister is having with leaders at the World Economic Forum in Davos, Switzerland.
Hammond said: “The UK insurance industry contributes approximately £35bn to our economy and employs over 324,000 people.
“Links to financial industries like the Swiss insurance market are important for global financial systems and it’s vital that trade continues between our two countries so firms have the certainty they need to continue to do business and invest in the UK’s bright future.”
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By GlobalDataIn 2016, Swiss investment in the UK’s financial service sector was more than £11bn, making the country one of the world’s largest investors in UK finance – second only to the US.
The UK-Swiss Direct Insurance Agreement, similar to the Direct Insurance Agreement with the EU, enables insurance companies to branch into each other’s jurisdiction with greater ease.
