Impact on insurers from Britain's vote to leave the EU

(Reuters) - Insurers operating in Britain must continue to be able to sell their products freely across the European Union after Britain leaves the bloc, an insurance trade body said on Wednesday.

The International Underwriting Association said it was vital to maintain existing freedoms for insurance services.

Insurers are reliant on so-called passporting rights to sell insurance policies throughout the European Union. Most have said they will need to set up EU subsidiaries if Britain loses access to the single market.

Below are some contingency plans proposed by insurers:

AIG

U.S. insurer AIG last week said it may move its European headquarters from London to another EU country because of the Brexit vote.

AVIVA

Insurer Aviva said it was "considering" turning its Irish branch back into a subsidiary. http://bit.ly/2gJ8dFI

XL CATLIN

Bermuda-domiciled insurer XL Catlin said its UK business XL Insurance Company SE has branches across Europe and operates under the Societe Europeen structure, currently registered in the UK. The Societe Europeen structure is relatively easy to move to a different EU jurisdiction if needed, subject to regulatory approval.

LLOYD'S OF LONDON

The Lloyd's of London insurance market is working on plans to move some business to the European Union, aiming to be ready for the shift as soon as Britain starts divorce proceedings from the bloc.

LANCASHIRE

Insurer Lancashire Holdings said it could consider underwriting some European business from its Bermuda base, if needed.

BEAZLEY

Lloyd's of London insurer Beazley Plc said it had filed an application this month with the Central Bank of Ireland to get approval for its Irish reinsurance business to become a European insurance company.

HISCOX

Lloyd's of London underwriter Hiscox Ltd said it would consider setting up a new EU-based insurance company to weather the possible impact of Brexit.

CHESNARA

Chesnara Plc, an insurance-focused takeover specialist, said it could move its headquarters to Amsterdam depending on the regulatory environment in Britain after negotiations to leave the European Union.

ADMIRAL

Motor insurer Admiral Group Plc said it could move its European business to Ireland or another country. Admiral, one of Britain's largest car insurance providers with a market share of over 11 percent, also has operations in Spain, Italy and France.

(Compiled by Noor Zainab Hussain in Bengaluru and Carolyn Cohn in London; Editing by Alexandra Hudson)