Lloyd’s of London said that at least 34,000 jobs in the city’s commercial insurance industry are at risk if Britain votes to leave the European Union, with some companies drawing up plans to relocate outside of the U.K.

Further job losses are also expected among the “tens of thousands” indirectly employed by the insurance market, according to a position paper published by Lloyd’s, along with the International Underwriting Association of London and Fidelis Insurance Holdings Ltd.

Underwriters have been making contingency plans to relocate, while international capital is expected to leave for more trade-friendly jurisdictions, according to the paper published on Friday. Lloyd’s said in February that it has drawn up plans to manage the fallout if Britain votes to leave on June 23.

“The benefits of EU membership are highly valued and the possibility of these advantages disappearing is of grave concern,” IUA Chief Executive Officer Dave Matcham said in a statement. “An IUA member survey shows at least six firms would reconsider the legal status of their London operations in the event of a leave vote, though there may be others.”

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