After Brexit, what will happen to the Italian which they have stipulated an insurance with British companies? According to IVASS, the problem is not marginal at all: it concerns 9,7 million people, which they pay premiums for every year 1,7 billion euros. There are 53 companies active in Italy but based in the United Kingdom, of which 47 operate in the non-life sector. Among the best-known names, Direct Line, Lloyd's Insurance, Stonebridge International Insurance and Admiral Insurance (the situation is different for Aviva: the group has an English parent company, but Aviva Italia Holding and its subsidiaries – Aviva spa, Aviva Life spa, Aviva Vita spa and Aviva Italia spa – are 100% Italian companies, so Brexit has no impact on Aviva's customers in our country).
In an interview published in the first issue of the new IVASS newsletter, Stefano De Polis, secretary general of the Supervisory Institute, explains that after Brexit, British insurance companies "will be considered to all intents and purposes as companies that do not belong to the European Union and consequently they will not be able to carry out the insurance activity in our country without having first set up a permanent office there and having obtained the relative authorisation”. For example, they will not be able to "sell policies via the internet in Italy".
The Italian government has already announced that in the event of a no-deal divorce – the so-called Hard Brexit – will be issued new rules to regulate the two-year transitional period during which British companies will continue to operate on the Italian market, albeit in a differentiated way.
But in the meantime, what should the Italians insured with these companies do? Close their policies? “Terminating a contract early can be disadvantageous for the policyholder – continues De Polis – And after all there is no need to do so. The contracts will remain valid until expiration and there will be no changes to the coverages. However, the ability of UK businesses to give punctual implementation of the commitments undertaken with customers will depend on the transitional measures and action plans that individual companies and intermediaries have adopted to ensure business continuity".
IVASS has asked all British insurance companies active in Italy to inform customers of the plans launched to ensure continuity of service. "In any case - underlines the general secretary of the Institute - companies must provide information on any changes that may affect the relationship with the insured".
Consumers can get more information by contacting the Contact Center of Ivass.
