Old 3rd February 2019, 09:39 PM #1
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UK Insurance post brexit

Just renewed my insurance yesterday with mce.
Maybe some of the other insurers are with UK companies?

What happens post brexit if no deal?
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Old 3rd February 2019, 10:54 PM #2
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Re: UK Insurance post brexit

I'm with MCE too. I had to shop around when there was talk of MCE pulling out of the market here. Got a nasty shock. Owning and insuring two KTMs in Dublin is not going to be an easy task if they're not offering me a renewal due to Brexit
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Old 3rd February 2019, 11:17 PM #3
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Re: UK Insurance post brexit

customer will be bent over. Insurance company profits will go up.
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Old 3rd February 2019, 11:44 PM #4
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customer will be bent over. Insurance company profits will go up.
Think a real question might be, will they stay viable with a no deal brexit. If not peops might end up with useless certs and no real insurance coverage. Our larger lout neighbours seem set on brexit and an fu2 approach to the good Friday agreement.
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Old 3rd February 2019, 11:47 PM #5
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Re: UK Insurance post brexit

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Think a real question might be, will they stay viable with a no deal brexit. If not peops might end up with useless certs and no real insurance coverage. Our larger lout neighbours seem set on brexit and an fu2 approach to the good Friday agreement.
This is the point I'm worried about.
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Old 4th February 2019, 01:35 AM #6
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This is the point I'm worried about.
Citizens information.ie has a page with the contacts of relevant governing bodies. My first port of call would be to see what your own ins'co. are sayin first. All said though I've an awful feeling the "buyer beware" rule will take the day. Highly doubt ya will get any straight answers in advance.
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Old 4th February 2019, 07:51 AM #7
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Re: UK Insurance post brexit

It’s alright the government will pay for everything and add a levy on future insurance to pay for it, sound familiar?
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Old 4th February 2019, 10:59 AM #8
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Re: UK Insurance post brexit

Im with MCE too if you are alresdy insured will they have to hold up policy until renewal at least? Pay monthly by direct debit too.
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Old 4th February 2019, 10:59 AM #9
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Re: UK Insurance post brexit

Ultimately, it'll depend on how it pans out

No deal, and hard brexit : uk registered / regulated financial entities will lose their "passporting" rights - meaning they can no longer trade unencumbered in EU markets

They need a regulated EU presence to offer insurance here. Many have chosen Malta or Gibraltar (also hit by brexit!) - so check who the underwriter is, and whether they'll remain licensed in the EU or not.

Ultimately - 50 shopping days left, and no-one has a clue how this will play out - means firms in the finance industries are all planning for the worst - did you ask MCE?
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Old 4th February 2019, 12:18 PM #10
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Re: UK Insurance post brexit

I'm with Principal, underwriter is UK-based, they are not accepting new business now (I can't add a bike to my policy), prior to withdrawing from Irish market, Principal haven't flagged a problem, apart from saying that my renewal will be with Axa next time, but post-29/03/19....
That said, smart money is on a request for an extension...who knows wtf will happen.
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Old 4th February 2019, 02:14 PM #11
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Re: UK Insurance post brexit

They won't be leaving. The powers that be won't allow it. Expect a 2nd vote within the year resulting in a narrow remain margin and years of discontent politically in the UK. All that we are witnessing at present in theatre
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Old 4th February 2019, 07:44 PM #12
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Re: UK Insurance post brexit

Once you have a contract they have to honor it, if the underwritters are in a 3rd country market its the responsibility of the reinsurer to secure a new underwritter and they cannot pass on the cost. The question is who will pull out after all the contracts end. But if your currently insured that won't change after the 29th of march. The only change is you. Might get a letter with a new cert.
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Old 4th February 2019, 09:59 PM #13
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Re: UK Insurance post brexit

I can remember, in about 2002 or 2003, my bike insurance company (Irish I think) went bankrupt, and no cover was in place. I was younger then and just ignored it
Will email mce tomorrow for an answer
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Old 4th February 2019, 11:54 PM #14
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Re: UK Insurance post brexit

I'm with Principal and I think the underwriter is on one of the channel isles (Guernsey I think) wonder what will happen there ????

Brexit is very close to my renewal date.
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Old 5th February 2019, 11:21 AM #15
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Re: UK Insurance post brexit

Principal have announced that they're moving to Axa as their main underwriter as the current one is going to lose passporting rights post-brexit ..

https://www.principalinsurance.ie/bl...s-axa-ireland/
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Old 5th February 2019, 11:29 AM #16
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Re: UK Insurance post brexit

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Originally Posted by proinnsias View Post
Principal have announced that they're moving to Axa as their main underwriter as the current one is going to lose passporting rights post-brexit ..

https://www.principalinsurance.ie/bl...s-axa-ireland/
I was about to ask about that as I think the current lot are based in Gibraltar..
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Old 5th February 2019, 06:22 PM #17
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Re: UK Insurance post brexit

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Originally Posted by proinnsias View Post
Principal have announced that they're moving to Axa as their main underwriter as the current one is going to lose passporting rights post-brexit ..

https://www.principalinsurance.ie/bl...s-axa-ireland/
Very interesting to see what affect this will have on the premiums!!
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Old 5th February 2019, 06:26 PM #18
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Re: UK Insurance post brexit

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Originally Posted by cracker boy View Post
Very interesting to see what affect this will have on the premiums!!
I'm sure we all know the effect it'll have
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Old 19th February 2019, 10:19 PM #19
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Re: UK Insurance post brexit

Im in Uk at the moment. Went to renew blade's insuance yesterday and no deal, MCE have stopped insuring poeple on an EU license.
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Old 19th February 2019, 10:24 PM #20
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Re: UK Insurance post brexit

Will be interesting to see, im with MCE, they renewed me back in November... Have a long way to go, at the time they told me regardless of what brexit happens theyll honor the policy, but time will tell if thats actually true or not
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Old 20th February 2019, 11:23 PM #21
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Re: UK Insurance post brexit

Funny.. Principal sent me this on the 14th with no mention of Axa (I'm also not with Principal anymore either)



Dear Customer,



Principal Insurance Limited is a UK based insurance broker with a branch in Dublin, Republic of Ireland. Principal Insurance arranges and administer general insurance policies for customers in the Republic of Ireland via a passport permission through the United Kingdomís regulator; the Financial Conduct Authority.

This notice sets out the likely consequences for Principal Insurance Limitedís customers if there is no transition period agreed regarding the United Kingdomís exit from the European Union.

Principal Insurance Limited in the UK has taken steps to ensure that the Dublin branch can continue to trade thus enabling continuous administration of your insurance policy if there is no transition period.

All insurers on the panel are in the process of reviewing all contingency options with the intention of having a plan in place with respect to a no deal Brexit. The insurers have confirmed that all commitments will be met, and all valid claims received on all contracts issued will be paid unless they are prevented from doing so by relevant regulators.

In the event of a no deal Brexit scenario, all new contracts issued after 29th March 2019 will be underwritten by EU insurers.

Principal Insurance Limited has created a new entity in the ROI, from 29th March, Principal Insurance Limited will become Principal Insurance Ireland DAC and is in the process of applying for regulation through the Central Bank of Ireland.

If you have any queries in relation to this letter, please do not hesitate to contact us on 1890 945 947.



Yours sincerely,







The Principal Insurance Team
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