The Association of British Insurers (ABI) has stated that regulation in the UK’s interest, passporting, data protection, skills and international trade are the five top priorities for the insurance and long term savings industry as it seeks to make the best of Brexit.

Director-general of the ABI Huw Evans has urged the government to secure transitional arrangements between EU exit and what replaces it to avoid a protracted political timescale impacting on business location decisions.

The new priorities, which were agreed by the ABI Board and formed the basis of a submission to government, are:

• Securing a regulatory environment that is appropriate for the UK market
• Retaining the ability to passport out of and into the UK
• Closely mirroring the EU data protection regime to avoid a quagmire of complexity around how personal and non-personal data is protected
• An improved future migration policy that enables the employment of high-skilled professionals from both within and outside the EU
• A strong focus on regulatory dialogue and international agreements in overseas financial services markets, especially in India and China.

Evans said: “It is important that our world-leading market – the largest in Europe – is clear on what a successful outcome from EU exit would look like. That means identifying the key challenges to overcome and the opportunities we must grasp to make the best of Brexit.

“The ABI board has set out five areas it considers important for the UK to focus its efforts on as it prepares its initial negotiating position. Whether it’s regulation in the UK’s interest, retaining passporting, preventing a data protection quagmire, seeking a new improved immigration system or opening up trade deals in key markets like India and China, we are determined to get the best possible outcome for the industry.

“There are many challenges ahead but handled right and the future for the UK insurance and long term savings industry remains bright.”