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.
If in the past
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Aviva launches Accept Quote functionality in mid-market push
Aviva has launched its Accept Quote functionality with brokers now able to accept regionally traded mid-market new business quotes and hold cover at the touch of a button.
Liberty Specialty Markets creates director of UK retail role in restructure
Liberty Specialty Markets has named Dermot Walsh, currently head of commercial property, as director of UK retail.
BP Marsh buys into property specialist MGA
Private equity house BP Marsh & Partners has revealed its second insurance investment in a month, taking a 27% stake in Cameron Specialty.
Aviva/DLG set for July as regulators rubber stamp takeover
The Financial Conduct Authority and the Prudential Regulation Authority have given the greenlight to Aviva buying Direct Line Group clearing a pathway for the deal to complete next month.
Cyber provider Cowbell hires director of claims in the UK
Cowbell, a provider of cyber insurance for SMEs and middle-market business, has recruited Kirsten Maley from CFC for the newly created role of director of claims UK.
Insurers and MGAs line up to support brokers amid Applied Epic exit
Insurer and managing general agent leaders have committed to help brokers deal with the impact of Applied Systems cutting Epic from the UK market.
ABI hails ‘welcome relief’ of government’s flood defence spending commitment
The Association of British Insurers has welcomed the government committing to spend £7.9bn on flood defences over the next decade.
ERS promotes Annie Ward to head up bespoke personal lines and agriculture
ERS has promoted Annie Ward to head of bespoke personal lines and agriculture from being product manager for bespoke personal lines.