The Gibraltar-based insurance market services customers across Europe but has a most significant role within the UK insurance space, where a majority of its more than ?3bn in business is found. Insurers located in Gibraltar collectively underwrite almost 20% of the UK’s private motor market. While a number of factors have been at play in leading insurers to domicile here, a number of factors - not least the impact of Brexit and the shift to Solvency II - have stirred uncertainty.
- Gibraltar is host to an insurance industry of 32 non-life insurers trading a collective ?3.3bn on the open market.
- Around two thirds of the market underwrite motor insurance and this accounts for, by some margin, the greatest share of total GWP.
- The result of the referendum on the UK’s EU membership provides a challenge to the Gibraltar market, not least those insurers with significant levels of Europe-based business. However, for a majority with a predominant focus on the UK market, the impact is likely to be largely mitigated.
- Admiral Insurance is the largest underwriter in Gibraltar, accounting for more than ?850m in total GWP.
Verdict Financial’s Uncovering the Insurance Market in Gibraltar report takes a look at an insurance industry that, collectively, plays a significant role within the UK insurance space. This report illustrates the Gibraltar market in numbers, identifying its size and impact across key product areas. After placing these figures in a context which highlights why insurers locate here, what these insurers tend to look like, and the likely impact of Brexit, the report profiles each non-life general insurer in the market.
Reasons To Buy
- Understand the Gibraltar market better and recognize the impact the industry has on your market.
- Benchmark against the market’s players and identify which frame the most significant competition to your book of business.