Since 2000, Gibraltar's insurance industry has expanded from just 13 licensed insurers to the present 56 licensed insurers currently writing new business. In 2012, the total gross premium income written by insurance companies in Gibraltar was £3.8bn and these companies held assets of over £9.0bn.

Gibraltar's EU membership provides passporting rights in insurance, insurance mediation and reinsurance across all 31 EU and European Economic Area (EEA) countries and access to a market of 500m people.

Gibraltar’s Financial Services Commission (FSC) is responsible for the licensing and regulation of insurance activity in Gibraltar and undertakes to process insurance company applications for authorisations in timeframes well below the statutory six-month requirement. The service level standard for insurance company applications is 18 weeks. There is a general consensus that the FSC is an accessible regulator and that requests for changes to a licensed insurance company’s business plan are reviewed in a timely manner, while always robust. As regulation becomes ever more onerous, and the industry demands swifter decisions in a competitive business environment, the ability to be able to access an insurance regulator is a key factor in the choice of an insurance domicile.

Non-Life Insurance

Non-life insurance represents the largest sector of the Gibraltar insurance industry with almost £3bn of gross premium income in 2012. The predominant class of business is motor insurance and Gibraltar motor insurers currently write 10% of the total UK motor market. In recent years, Bermudian insurers Arch, Transatlantic Reinsurance and XL Insurance have established insurance companies in Gibraltar. While motor insurance constitutes the largest class of business, Gibraltar has a growing and diversifying non-life insurance sector; and the FSC has authorised Gibraltar insurance companies to write permitted business across all 18 classes of general insurance business.

Life Insurance

There are five life insurance companies in Gibraltar, two of which are protected cell companies, and collectively they wrote £50m of gross premium income in 2012.

Captive Insurance

The first captive insurance company was established over 25 years ago and Gibraltar was the first EU jurisdiction to offer protected cell companies legislation in 2001. PCCs are widely used within insurance company structures writing both general and life insurance business. There are 13 captive insurance companies with total gross premium income of nearly £800m in 2012. Three of the captives are protected cell companies (PCCs) which collectively manage 32 cell companies. Household names such as Brit Insurance, Intercontinental Hotels and Tate & Lyle have chosen Gibraltar as a domicile for their European Union (EU) captives. The innovative nature of the PCC has led to one insurance manager creating almost 50 cells and its PCC being the largest in the EU providing solutions for both cell captives and fronting cells.

+ Read more

  • Captives


    Choosing an EU captive domicile.Read more

  • Insurance Linked Securities

    Insurance Linked Securities

    Insurance-linked securities (ILS) are financial instruments whose values are driven by insurance loss events and are the result of the process of convergence between the capital markets and the insurance industry. Read more

  • Insurance Management

    Insurance Management

    There are currently eight insurance managers authorised by the FSC to provide insurance management services. Read more

  • Insurance Mediation

    Insurance Mediation

    There are currently 24 insurance intermediaries based in Gibraltar authorised to sell life assurance investment products.Read more