The remainder (25%) felt the sector would be moderately negatively impacted if a Brexit occurred. The results of the LII survey come as UK voters are set to decide whether Britain should remain in the European Union via a referendum on 23 June 2016.
As an example, Legal & General has said a vote to leave would have little direct impact on trading for the company as its customer base is located very largely in the UK, the US and Asia.
The insurer said: "It is however probable that a vote to exit, with a potentially lengthy period of negotiation and an uncertain outcome, would create uncertainty for markets and the broader UK economy in which we operate.
"Given the lack of clarity about potential alternative trading relationships between the UK and other jurisdictions, and the market and economic uncertainty, the economic case for leaving is unproven; we will continue to keep the situation under review as more and better data and analysis emerges. As one of the largest investors in the UK, we will be actively listening to companies we invest in, who will be assessing the potential impact for themselves."
Commenting on the potential impact of Brexit, a spokesperson for insurer Zurich told LII:
"Like any responsible major business, Zurich is continuing to monitor developments closely about this matter in the UK. We have 20,000 employees in the European Union and Brexit following the referendum would naturally have implications not only for our business but the UK economy as a whole, creating complexities that we would need to address for our customers, employees and distribution partner.”
Towers Watson's CEO John Haley and Ageas CEO Bart de Smet also shared their views on Brexit's impact for the insurance industry at the recent Economist Insurance Conference in London. Haley said it would not make much difference, while de Smet said its UK operations would not be impacted. Their comments come after Lloyd's chief risk officer, Sean McGovern, recently explained the potential impact on the London insurance market of a Brexit.
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