Gibraltar Day in London 2022 Insurance Breakfast

01 Nov 22

Gibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP, hosted an  Insurance Breakfast on Level 40 of the Gherkin Building in the City of London. 

The Insurance Breakfast is part of Gibraltar Finance’s week of events in London and was attended  by 140 insurance professionals. The keynote address was given by Hannah Gurga the Director General of the Association of British Insurers (“ABI”) and was followed by a presentation from  James Rakow an actuarial partner at Deloitte in London on the comparative performance of  Gibraltar and UK motor insurers. Then followed a panel discussion with expert input from Hannah  Gurga and James Rakow who were joined by Robert Chaplin an insurance partner at Skadden in  London and Kristian Menez a Director of Prudential Supervision at the Gibraltar Financial  Services Commission. 

Minister Isola stated “The insurance sector has been a key component of Gibraltar’s financial  services sector for over 20 years and during my time in office since 2013, Gibraltar insurers’  collective share of the UK motor insurance market has grown from around 11% to over 30% today. 

This event was last held in November 2019 and during the three intervening years we have dealt  with both Brexit and Covid and importantly the United Kingdom Government has published the  legal framework for reciprocal market access between Gibraltar and the UK in financial services  known as the Gibraltar Authorisation Regime (GAR). The GAR gives Gibraltar unique market  access into the UK not available to any other British Overseas Territory, Crown Dependency or  Third Country.  

Such market access offers opportunities for Gibraltar to further diversify its insurance sector  widening the appeal of the jurisdiction for other classes of non-life business and the development  and growth of our small life insurance sector. We are seeing interest from a more diverse group of  applicants which we believe reflects the continuing attraction of Gibraltar for new and innovative  insurance businesses. 

I would like to thank all the speakers today for their individual participations and for ensuring that  the Breakfast was insightful, informative and engaging.” 

Hannah Gurga, ABI Director General, said: “The insurance sector is one of Gibraltar’s crowning  achievements and the ABI is proud to play a part in such a vibrant market. It was an honour to  deliver the keynote address at the Insurance Breakfast and to meet again with Minister Isola.”