InsurConnect Gibraltar - Press Release
Startup Grind Gibraltar
The leading global community for people building, working with and investing in startups.
Record-breaking Year for Gibraltar's Insurance Sector.
Gibraltar, 1st November 2023 - Despite the challenges posed by global economic uncertainty, Gibraltar's insurance industry has achieved a significant milestone, marking a record-breaking year within the financial services industry. In 2022, the sector witnessed exceptional growth, with a historic underwriting of circa £7 billion of gross written premiums, reflecting the industry's resilience in navigating dynamic market conditions.
Gibraltar's Insurance Sector Growth in 2022 - Highlights
Motor insurance remains the dominant sector with Gibraltar's insurers collectively exceeding a 30% market share of the UK motor insurance market for the first time. This noteworthy accomplishment affirms Gibraltar's position as a leading insurance domicile for motor insurance policies.
Whilst motor insurance remains the major sector, Gibraltar’s insurance industry, has in recent years, built and consolidated its position in other classes of business. It is today estimated that Gibraltar pet insurers have a collective share of the UK pet insurance market of circa 20% and Gibraltar travel insurance platforms are used to intermediate more than 30% of all travel insurance policies sold in the UK. This trend signifies the industry's ability to adapt to evolving consumer needs and demonstrates growing diversity within Gibraltar’s insurance sector.
Furthermore, in recent years Gibraltar has attracted re-domiciliation of foreign insurers. This demonstrates Gibraltar's appeal as an insurance domicile.
New legislation later this year is set to pave the way, in response to the industry's request for greater flexibility for captive insurance, for a dual captive regime. This legislative development is a testament to the jurisdiction's commitment to fostering innovation and remaining relevant in a competitive global insurance market.
Gibraltar is also experiencing genuine interest from the life insurance sector, with at least one new applicant applying for regulatory approval. If a new applicant is licensed, this will bring welcome diversification to Gibraltar’s insurance sector.
The Gibraltar Financial Services Commission is witnessing the longest pipeline of insurance applications in the past decade. This influx of new prospective applicants demonstrates the industry's attractiveness and potential for sustained growth in the years ahead.
25th January 2024 Full Day Insurance Conference in Gibraltar
Startup Grind Gibraltar is an organisation dedicated to fostering new business and startups and will be hosting an insurance conference on the 24th January 2024 at the 5 star Sunborn Yacht Hotel. The conference aims to foster meaningful discussions, facilitate expert knowledge and present unparalleled networking opportunities as well as bringing together international insurance professionals within Gibraltar's dynamic insurance community.
Nigel Feetham KC , Minister with responsibility for Financial Services at HM Government of Gibraltar, highlighted the significance of the insurance sector in Gibraltar, welcoming the opportunity for the industry to come together, commenting:
“Insurance firms licensed in Gibraltar play an important role in supporting both the local and the UK economies as well as providing significant underwriting capacity to the UK, with Gibraltar being in a position of having unique market access to the UK.
I look forward to welcoming all participants to the InsurConnect Gibraltar Conference. This event promises to be a much-needed opportunity for industry leaders, stakeholders, and innovators to meet, and explore the potential for further growth of the insurance sector in Gibraltar. His Majesty’s Government of Gibraltar is committed to continued growth of the financial sector in Gibraltar (including in insurance) and I look forward to updating delegates on a number of important policy initiatives especially our new captive regime and aspirations for diversification into life business. These are exciting times for the Gibraltar insurance sector and hosting this conference in Gibraltar is extremely timely. I would like to extend my gratitude to everyone who has pulled together over many months to make this conference possible.”
Gibraltar's insurance market is undoubtedly on an upward trajectory, drawing the attention of industry experts, investors and insurers worldwide. The sustained growth is indicative of Gibraltar's commitment to providing a forward-looking ecosystem for the insurance sector.
Startup Grind is a global community that brings like-minded yet diverse individuals together to connect, learn, teach, help, build, and belong. We do this daily through local events, flagship conferences, and student and investor programs reaching millions of individuals worldwide. Gibraltar became a part of the organisation in 2017 with a mission to provide education and opportunities to entrepreneurs so that they can successfully create, develop and scale their companies organising monthly events locally, with over 90 consecutive events spanning the past 6 years showcasing the jurisdiction at an international scale.
Gibraltar Finance provides the international financial services community, professionals and corporate and private clients alike, a resource hub whereby information can be obtained and all the relevant Gibraltar-based professional associations can be accessed. It acts as a forum that provides engagement between Gibraltar’s financial services sector and the Government of Gibraltar for the consideration of strategic and policy issues, creating the responsive, proactive environment that so benefits investment.
Gibraltar offers a well-regulated, transparent jurisdiction where financial services, supported by a modern environment with high-quality infrastructure, provides access to financial markets. To these strengths, Gibraltar adds an enviable choice of highly qualified experts providing professional services to investors and entrepreneurs, a well-respected, innovative and robust regulatory system, and a stable, democratic political system that fully supports financial services as the one of the foremost sectors of Gibraltar’s buoyant economy.
Contact: paul.astengo@financecentre.gov.gi
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