The UK formally left the European Union (EU) on 31st January 2020 and entered into a transition period, which will last until 31st December 2020. During the transition period it will be “business as usual,” as this period is intended to provide the UK and the EU with time to negotiate the details of its future relationship, ready for implementation at the end of 2020.
Until the negotiations conclude, the existing uncertainty surrounding the impact of Brexit remains. It is, therefore, imperative that businesses follow the progress of these negotiations, and consider how the potential outcomes impact risk and insurance issues. Some of the areas businesses should continue to focus on are:
- Market volatility
- Material change in risk
- Impact on employees and customers
- Impact of loss of passporting rights
- Changes in the legal and regulatory environments
Businesses should have strategies in place and, where possible, revisit such strategies to ensure they align with the progress of the discussions between the UK and the EU, in particular in the context of the future trade relationship. Marsh Commercial will also be monitoring the discussions, and providing insight and advice on Brexit- related Insurance needs.
Brexit - The Impact on Marsh Commercial & our EEA based Clients
Following the end of the transition period, Marsh Commercial will no longer be able to service our EEA based clients from our UK offices. However, we are engaging with our Marsh Irish branch to facilitate continuity of service to as many of our EEA based clients as possible.
Brexit – The impact on motor Insurance and driving in Europe
A Green Card is an EEA certification of insurance which provides motorists with evidence of the minimum level of compulsory motor insurance required by the law of the EEA country in which travel will take place.
During the transition period a Green card will not be required for travel to the EEA. However, from the end of the transition period it may be required. This will depend on the outcome of the trade negotiations between the UK and the EU.
If you have any questions or concerns, or believe you may require a Green Card for European travel, please do contact your Account Executive or Client Advisor who will be able to help.