A property insurance company says it is looking at potential “catastrophic” losses in the event of a UK vote to leave the European Union.
Anz Property Insurance said it was preparing a contingency plan in case of a Brexit vote, which it said would likely have a “cataclysmic” impact on its market, including wiping out as many as 100,0000 homes.
It is the second major property insurer to warn of the risk of Brexit.
The statement said the insurer could increase premiums in response to the potential loss of the single markets. “
We also believe that if the UK left the EU, it would also likely lose access to the EU’s single market for goods and services, which could result in higher prices and a drop in the value of our products.”
The statement said the insurer could increase premiums in response to the potential loss of the single markets.
A spokesperson for the Conservative Party said the government was “concerned about the potential economic impact of leaving the EU and will continue to work with businesses to address this problem”.
“If a majority of voters in the House of Commons vote to Leave, they will be making a serious decision about the future of our country,” a spokesman said.
The UK’s prime minister, Theresa May, has said she wants a “fresh start” in Brexit negotiations, but the EU has not made any concessions on the terms of Britain’s withdrawal.
Brexit talks are due to start on Monday in Brussels, but Mr May has so far not made clear how she plans to proceed.
Mr Davis is the Conservative MP who helped lead the campaign to leave.
There are fears that the government may not get a majority in the Commons for a formal Brexit deal, so the government will be left with no other option than to wait for a vote by the House to decide the terms.
But Ms May has said the timetable for a deal will be determined by the UK Parliament, which is set to vote on Thursday.
Britain’s parliament has a two-thirds majority, meaning it is able to trigger article 50, the formal agreement for the UK’s departure, once the Prime Minister has secured a two thirds majority in her Commons majority.
Prime Minister Theresa May is pictured at a cabinet meeting in London, May 1, 2019.
Ms May said a vote to quit the EU would have to be supported by two thirds of the UK public, which she described as “the largest proportion of any country in the world”.
The Prime Minister, who is not a member of the European Parliament, said she would work with the European Commission to secure a deal with the EU.
This article was amended on May 1st 2019 to correct the spelling of the word “European”.