Gibraltar first motor insurer was established in 2001 and over the intervening years many motor insurers have been established. Today there are over 25 motor insurers currently writing new business. One of the “Big Four” accountancy firms estimates that collectively these motor insurers have a market share of over 20% of the UK motor insurance market.
Gibraltar’s largest motor insurers are household names in the UK but there are also medium sized and smaller insurers that operate in niche areas of the market offering choice and competition to UK consumers.
Whilst Gibraltar motor insurers are regulated by the Gibraltar Financial Services Commission many of Gibraltar’s insurers are part of insurance groups that have either UK broking or service companies which are regulated by the UK’s Financial Conduct Authority (FCA). The GFSC has regular dialogue with the FCA and also with the UK’s Prudential Regulatory Authority (PRA).
Motor insurers represent a significant proportion of Gibraltar’s non-life insurers – about 75% of gross premium income. However, there are also numerous insurers that write a broad range of classes of business.
Without doubt there are opportunities for more insurers to establish multi-line operations from Gibraltar.