Prime Minister David Cameron has found an ally in the UK insurance industry as he continues to warn against the financial consequences of a Brexit.
Association of British Insurers director general Huw Evans supported the statements made by Cameron in a recent interview with the BBC’s Andrew Marr.
"The Prime Minister is right to note the strong support from the insurance and long-term savings industry for remaining in the EU,” Evans said. “We sell £21 billion more in insurance and savings products to the rest of Europe than they buy from us which helps create jobs and prosperity here in the UK.”
Evans also agreed with Cameron’s statement that it would be impossible to imitate the Norwegian model by staying inside the trading bloc despite being outside the EU.
"Supporters of a Norwegian-style option should heed the warnings coming from Norway itself,” he said. “Norway's insurance leaders say the UK has a better deal at the heart of the EU than Norway does – since Norway is always outside the room where the big decisions are taken."
In an interview on
The Andrew Marr Show, Cameron said businesses including those in the financial services and the insurance industry want to stay in the EU since they benefit from the market.
“Our carmakers, our airplane makers, our financial services, our insurers, they want us to stay in the single biggest market in the world because they see immense opportunity. We should be taking that market and driving the trade deals,” Cameron said.
Cameron warned that leaving the EU would be like planting “a bomb” under the UK economy, which would become smaller and less well-off in the event of a Brexit.
“In the single market, we get free access to 500 million consumers. That’s crucial for our economy. That’s where almost half of what we sell goes,” he said.
“Obviously that would impact our economy, our carmakers, our airplane makers, the service industries… the London financial centre,” Cameron added.
Related stories:
The Brexit debate – where does the insurance industry stand?
Hiscox chief labels PM campaign “corrupt”
Brexit may lead to gender discrimination in UK insurance pricing
Insurance leaders slam Brexit plans
Report: Insurers to be “worst affected” by Brexit
