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.”