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 POUND 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 POUND 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 POUND 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.
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UNCOVERING GIBRALTAR'S INSURANCE MARKET
GIBRALTAR'S GENERAL INSURERS
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