Summary
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.
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Synopsis
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.
Key Findings
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Gibraltar is host to an insurance industry of 32 non-life insurers trading a
collective £3.3bn on the open market.
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Around two thirds of the market underwrite motor insurance and this accounts
for, by some margin, the greatest share of total GWP.
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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.
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Admiral Insurance is the largest underwriter in Gibraltar, accounting for more
than £850m in total GWP.
Reasons To Buy
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Understand the Gibraltar market better and recognize the impact the industry
has on your market.
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Benchmark against the market's players and identify which frame the most
significant competition to your book of business.
