15 Aug 2022

Brexit: Major insurance company moves to assure PSV drivers over hard Brexit scenario

The Allianz logo is pictured on a main office building of Germany's largest insurance group Allianz AG in Cologne

A major insurance company has moved to Public Service Vehicle Drivers that they will remain covered in the event of a no deal Brexit.

Allianz Plc has issued a letter to PSV drivers in Derry advising them that they have formulated contingency plans in the event that the UK leaves the European Union without any deal on March 29.

The complete and utter defeat of Theresa May’s Brexit deal at Westminster on Tuesday night has greatly raised the prospect of a no deal departure of from the EU. The placing of a no confidence motion in the British Government by Labour Party leader Jeremy Corbyn means that for the next few day at least, there is no indication that any alternative withdrawal deal can even begin to be negotiated.

The communication from Allianz to local PSV drivers whose insurance cover is provided by the company in the Republic of Ireland means their policies would be transferred to Allianz in the UK.

The letter from Allianz seen by the Derry News said: “If there is no withdrawal agreement, the Bank of England has committed to putting measures in place to allow insurance companies to continue providing protection. On this basis, Allianz expects to be in a position to maintain your insurance policy and pay claims irrespective of the Brexit negotiations between the EU and UK.

“In addition, we are preparing for other unlikely scenarios outside of those outlined above where we would arrange to maintain your insurance policy with another Allianz company based in the UK. In such circumstances we will contact you in advance.”

However, a leading figure in the local taxi industry has said there is nothing for PSV drivers here to be concerned about.

Eamonn O’Donnell from North West Taxi Proprietors (NWTP), a support organisation for PSV drivers, told the Derry News: “I have spoken to Allianz about this. Basically, they are waiting to see how Brexit will affect drivers and they have made plans for different scenarios.

“What they have told me is that they are covering all bases. I don’t think it will cause any difficulty in terms of being covered. All it means that insurance cover will be shifted from Ireland to the UK. They have assured us that they will continue to communicate with people no matter what happens with Brexit. For our part at NWTP we will make sure that the integrity of the local taxi industry is maintained.”

And, a  spokesman for Allianz in Dublin told the Derry News: “It is incumbent upon us to inform our customers of the possibilities of the various potential consequences of Brexit. In the event of a hard Brexit we will continue to facilitate our customers by transferring their policies to a sister company in the UK.”

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