Brexit is finally a reality
Since the IRL began covering the UK’s exit from the European Union nearly four years ago, we can now sigh a breath of relief, or can we? It might be done so to speak but it isn’t really finished. According to A.M. Best, from an operational point of view, the United Kingdom’s departure from the European Union on January 31, 2020 will have little immediate impact on insurers in the U.K. and EU that it rates. However, it adds that trade negotiations and regulatory decisions will dictate the longer-term impact of Brexit on insurers.
Following the demise of England’s worst prime minister in July 2019, the country was confronted with a problem: Parliament had become more powerful than the Government. The Conservatives, with a minority in the House of Commons, had to rely on a reluctant Northern Irish Democratic Unionist Party for support. Who would, or rather, could, lead the government out of the Brexit mess?
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Brexit has broken the British political system. The absence of a written constitution has meant that almost daily conventions that have been respected for decades – even centuries – have been tossed aside, especially by the new Prime Minister Boris Johnson.
Understanding Blockchain, Part 2
In part one of this article, published in the June 2019 issue of the Insurance Research Letter, we provided an overview of how blockchain technology works and how smart contracts are employed to make this technology relevant in this modern economy. Here in part two, we discuss the broader and more global risks of the technology as a whole, and by way of example, the risks as they may present themselves for more specific lines of business. We also present issues to consider as it pertains to the restriction or refinement of policy terms and conditions.