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Personal Finance News Releases
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(MoneyNewsWire.Net, October 26, 2016 ) Report 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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Key Finding
-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.
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Reason 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.
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Source: EmailWire.Com 
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