Scottish independence could “drive negative rating actions” on the country’s insurers, a Standard & Poor’s report has warned.
The report, What Will the Scottish Vote for Independence Mean for Insurer Ratings, warns of “uncertainties”, such as would Scotland remain an EU member.
It also notes Scottish tax and regulatory regimes could “diverge from those of the UK, adding potential further complexities and costs for insurers.”
The report added: “Scotland likely would not become an independent country until 2016 following a yes vote, and if the no campaign prevails, planning and implementing further devolution to the Scottish parliament would likewise take several years.
“So the referendum is unlikely to have an immediate impact.”
Adviser view
Colin Rodger, managing director of Glasgow-based Alexander Sloan Financial Planning, said: “The comments just join the other comments, which are all really speculation.”
