News analysis: Are brokers still in love with Gibraltar insurers?
The recent run of Gibraltar-based insurer insolvencies has made the headlines, but the low tax and light-touch regulations in the jurisdiction attract UK businesses and InsurTech start-ups. Martin Friel investigates why brokers are still dealing with insurers on the island.
Mention insurance and Gibraltar in the same sentence and most people think of a tax haven where insurance companies have a habit of going bust.
Since July 2014, nine insurers have gone out of business including Elite, Horizon and, most recently, Lamp, causing chaos and uncertainty for UK brokers and their customers. However, with almost 50 insurers controlling £5bn of premium and insuring one in four UK motorists, Gibraltar is a serious market that demands serious consideration.
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