The first major brexit casualty in the UK financial industry was filed by insurance companies. According to Bloomberg, insurance companies with a premium of £ 61 billion or $ 75 billion have relocated their business from London to other cities in the European Union.

Their move took place regardless of whether there would be (and what would look like) an agreement between the UK and the EU on post-separation relations. The exodus is partly due to a decision by a European regulator that all UK insurers must move European clients' policies to the continent.

The insurers moved the property primarily to Belgium, Luxembourg and Ireland. However, the Bank of England's Financial Stability Report reveals that around £ 5bn in premiums will still be in the UK at the time of Brexit. The world's largest insurer, Lloyd's of London, has announced that it will be able to move all European clients' policies by the end of September next year.

A spokeswoman for Lloyd's explained that European member states have introduced measures to ensure that 90 percent of the policy can be collected in the event of a "disorderly" brexit. The long-term impact of moving a policy will be both practical and symbolic. But in any case, it will have a negative impact on the status of London, which still holds 10 percent of the global insurance and reinsurance market.

According to the data, most UK insurers have moved the policies of European clients to the continent early in the year, preparing for the original Brexit date of March 29th. Companies that have yet to move operations with European clients need the express permission of financial regulators from all 27 EU countries.