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.