Some insurance products ‘may no longer be available to Irish consumers in no-deal Brexit’ – Central Bank

Some insurance products may no longer be available to Irish consumers if there is a no-deal Brexit, the Central Bank has warned.

Deputy Governor Ed Sibley said this morning that the supply of “niche” products may reduce or end altogether.

That’s because policies underwritten from the UK or Gibraltar will face more regulatory friction after a hard Brexit.

Though the Bank does not comment on individual products, products with smaller markets like gadget insurance or pet insurance would be more likely to be affected.

Certain existing policies underwritten from those jurisdictions will be able to continue, if legislation being drafted comes into force. But those policies can’t be renewed under the legislation.

Mr Sibley said the Irish financial system should be able to withstand even a hard Brexit.

“I am satisfied that from a financial stability perspective that the most material and immediate risks are now manageable.

“This is not to say that a hard Brexit will not be bumpy for the economy, and for the financial system.

“Indeed, some level of market disruption would be inevitable, but the system as a whole should be resilient enough to withstand these bumps.”

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