Over two thirds of insurers, brokers, and service providers in the Lloyd's of London insurance market have warned that leaving the European Union would ‘severely damage' business.
Research commissioned by Haggie Partners, the City-based financial public relations consultancy, found that 68% of market practitioners believe Brexit would ‘hurt' or ‘severely damage' Lloyd's of London.
More than quarter (25%) believed it will have no impact while only 6 % believed Brexit would benefit Lloyd's.
Some 70% of respondents sell insurance directly to the EU, the survey found.
Additionally, 70% of London market practitioners said they work with colleagues from other member states of the EU.
Nearly 59% "believe that the EU Single Market for insurance is the best realistic international regulatory regime" for Lloyd's insurers.
As Lloyd's expands its international presence, 46% of respondents chose the EU as the top priority for development, compared to 24% selecting China, 16% Latin America, 11% India, and 6% the Middle East.
Next chairman
Survey respondents also agreed that the replacement for Lloyd's current chairman, who steps down next year, should be an industry veteran.
Over half (58%) believe the next chairman should be either a Lloyd's insider (24%) or an insurance professional from outside Lloyd's (34%). Just 42% would prefer a professional from another area of business.
More than three quarters selected underwriting quality as the priority for the market's leadership, followed by market modernisation and growth in international presence.
Dr Adrian Leonard, who constructed the survey for Haggie Partners said: "As well as the obvious - but far from unanimous - support for remaining in the EU, the survey has uncovered some tensions at Lloyd's.
"Brokers may not be looking for business in the places where insurers want it to come from. More important, perhaps, the strategic objectives of Lloyd's leadership don't seem to be entirely in harmony with what underwriters want. Most believe the chairman should be an ambassador for the market first and foremost. There is less support for strategic decision-making from the top floors of Lime Street."
