Kaufmann: As a rule, EU risks will have to be written in the EU, and UK risks in London. Take a cover for a German car manufacturer, for example. Previously, we were able to write this out of London, as it made no difference where in the EU the risk carrier was located. In simple terms, the car manufacturer will be an EU risk after Brexit and the cover will thus, as a rule, have to be written by a legal entity in the EU. This has a significant impact on the London market, as so many very large and special risks are written there. Industrial risks now need to be separated into UK risks and EU risks. For this reason, minor adjustments to client and broker relationships are unavoidable. Whatever happens, we will still be able to do business with our clients. It will not result in more business, but will lead to more complex processes.
Menhart: There is one other thing that I think is important. The EU has spent a lot of time and energy dealing with Brexit over a number of months – if not years. As a result, other topics important for the future have received too little attention. In the long run, this will have a negative impact on Europe’s competitiveness. It would have been much better for the UK and the EU to continue to work together on a digital strategy for the future, in order to be able to compete with China and the USA. In my opinion, that is where our most important challenges will lie in the long term.