Insurers are providing initial reactions to the news that the UK has voted to leave the EU.
Huw Evans, Director General of the Association of British Insurers said:"The UK insurance and long-term savings industry is strong and built to protect customers from market uncertainty and shocks.
"Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore avoid hasty decisions about their financial matters.
"For the UK Government, it will be important now to focus on ensuring the UK remains a globally competitive place to do business with the best possible future trading network with the EU and the wider world."
Aviva has issued a statement saying it has "conducted extensive analysis of the possible implications of a vote to leave the EU and considers it will have no significant operational impact on the company.
"Aviva's operations in the UK and its other subsidiaries in the EU are well capitalised and continue to trade as normal. Aviva continues to be supervised by the PRA/FCA as lead regulator and Aviva's European subsidiaries are incorporated and regulated locally and principally trade in their local market.
"At Aviva's 2015 preliminary results, published in March 2016, "Aviva reported a Solvency II ratio of 180% and a surplus of £9.7 billion. Aviva has one of the strongest and most resilient balance sheets in the UK insurance sector with low sensitivity to market stress and over the last four years Aviva has tripled its economic capital surplus.
"Aviva will continue to monitor the technical implications of the vote to leave, which will only be resolved after several years of negotiating a new relationship between the UK and the EU."
A Zurich spokesperson said: "Even though the British people have chosen to leave the EU, the UK is a key market for our business globally. While some customers may be worried about what this means for their policies or investments, we remain committed to our customers, distributors, communities and employees in the UK.
"We are a global insurer operating in over 170 countries and territories, and support the EU as a facilitator of free and open international trade. We saw Britain as an integral part of this and believed the EU to be stronger when it includes the UK.
"The process of the UK leaving the EU is likely to take years, so at the moment it's far too soon to say what all the effects will be across our business. We have established a team to follow this closely and will provide information to customers, distributors and employees as the process evolves."
More reaction to follow....
