ABI advice to customers after EU Referendum vote

Customers with insurance and long-term savings products are being reassured there is no need for them to take immediate action in the aftermath of the Referendum vote, which has concluded the UK should leave the EU.

Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore avoid making hasty decisions about their financial matters.

However the Association of British Insurers (ABI), is aware that some consumers may be worried about their finances so is answering some potential questions people may have.

I’m worried about the stock market and what’s going to happen to my pension. What should I do?

Having your savings in a fund managed by a pension provider means they are being professionally looked after, and this will include strategies to minimise the impact of any periods of poor performance. The UK insurance and long-term savings industry is strong and built to protect customers from market uncertainty and shocks

I’m going abroad this weekend – will my travel insurance still be valid?

Travel insurance products will continue to offer all of the cover that they do at the moment – there will be no immediate change to any existing policies you currently have. The European Health Insurance Card (EHIC) will continue to apply.

I’m planning to drive in Europe next month – will there be an impact on my motor insurance?

There will be no immediate change to existing arrangements. UK policies will continue to automatically cover you for the minimum legal requirement in EU countries. You should check your policy or talk to your insurer about more comprehensive cover if you want it, as has always been the case.

I buy my home / car insurance from a company which isn’t British. Will it still be valid?

Existing contracts with insurance companies and pension providers will be unchanged, wherever the company is based.



Last updated 04/08/2016