The Association of British Insurers (ABI) has reassured customers with insurance and long-term savings products that there is no need for them to take immediate action in the aftermath of the referendum vote, which has come out in favour of the UK leaving the European Union (EU).
The ABI asserted: “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.”
There will be a minimum two-year period before the UK’s exit of the European Union comes into force, and the Association reminded travellers that during that time, there will be no change to any existing travel insurance policies that customers hold. “The European Health Insurance Card (EHIC) will continue to apply,” added the ABI.
There is also no change for UK policyholders who have bought cover from non-British companies, explained the ABI: “Existing contracts with insurance companies … will be unchanged, wherever the company is based.”