Exclusive: Aviva is planning on transferring 1.39 million policies it currently writes in the UK and Europe to its Ireland business.
The insurer has applied for court permission to transfer the business, which will comprise Irish general insurance business currently being written in the UK, as well as European business being written in the UK under a freedom of services deal.
The move comes following the re-incorporation of the insurer’s Ireland office. The transfer of policies comes from a growing concern over a no-deal Brexit, and the possibility of loss of passporting arrangements with Europe.
The business includes 708,618 Irish GI policies, including: Irish personal motor and home; Irish commercial motor; Irish commercial property and liability; and Irish commercial specialty.
In addition, it includes 688,077 European policies that are currently being written in the UK under a freedom of services deal. The largest of which is the mobile device insurance business, which comprises 686,980 policies.
A spokesperson for Aviva said: “We are taking steps to ensure Aviva’s customers with policies or risks in the European Economic Area will have continuity through and beyond Brexit.
“As we have previously announced, we are re-incorporating our business in Ireland. This insurer will provide cover for all policies that were written in the UK but included cover in the EEA.
“In addition to our Irish customers, there is a small number of UK-based customers who will have their policies transferred to our Ireland-based insurer. The vast majority of our UK customers will continue to be insured by Aviva UK Insurance.
“For those who are being transferred, there will be no impact or changes to the terms and conditions, cover or customer support of their policies, in fact we are removing any uncertainty by ensuring that their policy will remain valid after the UK leaves the European Union.”
The transfer of policies is contingent on approval from a court hearing, at the Court of Session, Parliament House, Edinburgh, on January 15 2019. If approved, the business will transfer on 1 February 2019.
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