Sector Overview

Since 2000, Gibraltar's insurance industry has expanded from just 13 licensed insurers to over 40 licensed insurers currently writing new business today. In 2017, the total gross premium income written by all insurance companies in Gibraltar was circa £4.8bn. 

Gibraltar’s ability to continue to passport insurance, insurance mediation and reinsurance into the UK and vice versa post-Brexit has been unequivocally and categorically confirmed by the UK. 

Gibraltar’s Financial Services Commission (GFSC) is responsible for the licensing and regulation of insurance activity in Gibraltar and undertakes to process insurance company applications for authorisations in timeframes below the statutory six-month requirement. The service level standard for insurance company applications is 18 weeks. 

There is a general consensus that the GFSC, whilst always robust, is an accessible regulator applying proportionate as well as thorough regulation, and requests for changes to a licensed insurance company’s business plan are reviewed in a timely manner. As regulation becomes ever more onerous, and the industry demands swifter decisions in a competitive business environment, the ability to be able to eadily access an insurance regulator is a key factor in the choice of an insurance domicile.

(Source: Gibraltar Finance Centre)

The industry continues to flourish despite the global economic crisis and subsequent European debt crisis. The Gibraltarian insurance industry grew by 12.3% in 2012 with gross written premiums totalling GBP3.6 billion (US$5.8 billion). The industry comprised six life, 42 non-life and 16 captive insurers in 2011.

Stable growth of automotive market

Gibraltar accounts for 10% of the UK motor insurance category, a larger share than Lloyd’s of London, traditionally a key insurer in that area. The steady growth of the UK’s automotive market propelled the growth of Gibraltarian motor insurance category during the review period and the trend is expected to continue over the forecast period.

With the UK’s economy and Gibraltar’s per capita annual disposable income expected to improve over the forecast period, growth is anticipated in the motor insurance category at a projected CAGR of 14.1%.