The Insurance Industry in Gibraltar, Key Trends and Opportunities to 2019

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GlobalData’s 'The Insurance Industry in Gibraltar, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Gibraltarian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Gibraltarian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the insurance industry in Gibraltar:

• It provides historical values for the Gibraltarian insurance industry for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

• It offers a detailed analysis of the key segments in the Gibraltarian insurance industry, with market forecasts to 2019.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It analyzes the various distribution channels in Gibraltar.

• It profiles the top insurance companies in Gibraltar and outlines the key regulations affecting them.

Key Highlights

Which features of the Gibraltar market have attracted many captive and offshore insurers to Gibraltar? Which companies does this include?

What has been a key model for Gibraltarian insurers?

What was the CAGR of the life segment during the review period? How is it projected to grow in the forecast period?

What types of insurance can be underwritten from Gibraltar? Where do Gibraltarian insurers tend to source their business from? What is the percentage of motor insurance this includes?

What are the key drivers of the Gibraltarian construction industry during the review period?

Gibraltar has established itself as a leading destination for which industry that plays a significant role in the economy?

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Gibraltarian insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Gibraltarian insurance industry.

• Assess the competitive dynamics in the Gibraltarian insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Gibraltarian insurance industry and their impact on companies and the industry's future.

Enterprise Insurance Co. Plc ,Argus Insurance Co. (Europe) Ltd,Haven Insurance Co. Ltd ,Southern Rock Insurance Co. Ltd,Red Sands Life Assurance Co. (Europe) Ltd

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Gibraltarian Insurance Industry Overview

4.1 Gibraltarian Insurance Industry

5 Industry Segmentation

5.1 Life Insurance

5.2 Non-Life Insurance

5.3 Reinsurance

6 Natural Hazards

6.1 Earthquakes

7 Distribution Channel Outlook

8 Competitive Landscape

8.1 Overview

8.2 Leading Companies

8.2.1 Enterprise Insurance Co. Plc – company overview

8.2.2 Argus Insurance Co. (Europe) Ltd – company overview

8.2.3 Haven Insurance Co. Ltd – company overview

8.2.4 Southern Rock Insurance Co. Ltd – company overview

8.2.5 Red Sands Life Assurance Co. (Europe) Ltd – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulations

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Professional indemnity for alternative investment managers

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors (IAIS)

9.5.2 Financial Services Commission (FSC)

9.5.3 Gibraltar Insurance Association (GIA)

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Types of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Gibraltarian Insurance Industry – Key Facts

Table 2: Gibraltarian Insurance – Gross Written Premium by Segment (GBP Million), 2010–2014

Table 3: Gibraltarian Insurance – Gross Written Premium by Segment (US$ Million), 2010–2014

Table 4: Gibraltarian Insurance – Gross Written Premium by Segment (GBP Million), 2014–2019

Table 5: Gibraltarian Insurance – Gross Written Premium by Segment (US$ Million), 2014–2019

Table 6: Gibraltarian Insurance – Segmentation by Gross Written Premium (% Share), 2010–2019

Table 7: Gibraltarian Insurance – Direct Written Premium by Segment (GBP Million), 2010–2014

Table 8: Gibraltarian Insurance – Direct Written Premium by Segment (US$ Million), 2010–2014

Table 9: Gibraltarian Insurance – Direct Written Premium by Segment (GBP Million), 2014–2019

Table 10: Gibraltarian Insurance – Direct Written Premium by Segment (US$ Million), 2014–2019

Table 11: Gibraltarian Insurance – Segmentation by Direct Written Premium (Percentage Share), 2010–2019

Table 12: Gibraltarian Life Insurance – Gross Written Premium (GBP Million), 2010–2014

Table 13: Gibraltarian Life Insurance – Gross Written Premium (GBP Million), 2014–2019

Table 14: Gibraltarian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Table 15: Gibraltarian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Table 16: Gibraltarian Life Insurance – Total Assets (GBP Million), 2010–2014

Table 17: Gibraltarian Life Insurance – Total Assets (GBP Million), 2014–2019

Table 18: Gibraltarian Life Insurance – Net Written Premium (GBP Million), 2010–2014

Table 19: Gibraltarian Life Insurance – Net Written Premium (GBP Million), 2014–2019

Table 20: Gibraltarian Non-Life Insurance – Gross Written Premium (GBP Billion), 2010–2014

Table 21: Gibraltarian Non-Life Insurance – Gross Written Premium (GBP Billion), 2014–2019

Table 22: Gibraltarian Non-Life Insurance – Net Written Premium (GBP Billion), 2010–2014

Table 23: Gibraltarian Non-Life Insurance – Net Written Premium (GBP Billion), 2014–2019

Table 24: Gibraltarian Non-Life Insurance – Total Assets (GBP Billion), 2010–2014

Table 25: Gibraltarian Non-Life Insurance – Total Assets (GBP Billion), 2014–2019

Table 26: Gibraltarian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (GBP Million), 2010–2014

Table 27: Gibraltarian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010–2014

Table 28: Gibraltarian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (GBP Million), 2014–2019

Table 29: Gibraltarian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014–2019

Table 30: Gibraltarian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Table 31: Gibraltarian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019

Table 32: Gibraltarian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Table 33: Gibraltarian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019

Table 34: Gibraltarian Average Annual Loss by Hazard (US$ Million), 1990–2014

Table 35: Insurance Companies in Gibraltar, 2016

Table 36: EEA Insurance Companies in Gibraltar, 2016

Table 37: Enterprise Insurance Co. Plc – Key Facts

Table 38: Argus Insurance Co. (Europe) Ltd – Key Facts

Table 39: Haven Insurance Co. Ltd – Key Facts

Table 40: Southern Rock Insurance Co. Ltd – Key Facts

Table 41: Red Sands Life Assurance Co. (Europe) Ltd – Key Facts

Table 42: Gibraltar – Insurance Regulatory Framework Key Features

Table 43: Gibraltar – Life Insurance Regulatory Framework

Table 44: Gibraltar – Property Insurance Regulatory Framework

Table 45: Gibraltar – Motor Insurance Regulatory Framework

Table 46: Gibraltar – Liability Insurance Regulatory Framework

Table 47: Gibraltar – Corporate Tax Rates for the Financial Year 2015

Table 48: Insurance Industry Definitions

Figures

Figure 1: Gibraltar’s Consumer Price Inflation, 2010–2014

Figure 2: Gibraltar’s Unemployed Population, 2010–2014

Figure 3: Gibraltar’s Population, 1991–2014

Figure 4: Gibraltarian Insurance – Gross Written Premium by Segment (GBP Billion), 2010–2019

Figure 5: Gibraltarian Insurance – Gross Written Premium Dynamics by Segment, 2010–2019

Figure 6: Gibraltarian Insurance – Direct Written Premium by Segment (GBP Billion), 2010–2019

Figure 7: Gibraltarian Insurance – Direct Written Premium Market Dynamics by Segment, 2010–2019

Figure 8: Gibraltarian Life Insurance – Gross Written Premium (GBP Million), 2010–2014

Figure 9: Gibraltarian Life Insurance – Gross Written Premium (GBP Million), 2014–2019

Figure 10: Gibraltarian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2010–2014

Figure 11: Gibraltarian Life Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019

Figure 12: Gibraltarian Life Insurance – Total Assets (GBP Million), 2010–2014

Figure 13: Gibraltarian Life Insurance – Total Assets (GBP Million), 2014–2019

Figure 14: Gibraltarian Life Insurance – Net Written Premium (GBP Million), 2010–2014

Figure 15: Gibraltarian Life Insurance – Net Written Premium (GBP Million), 2014–2019

Figure 16: Gibraltarian Life Insurance – Penetration (%), 2010–2014

Figure 17: Gibraltarian Life Insurance – Direct Premium per Capita (GBP), 2010–2014

Figure 18: Gibraltarian Non-Life Insurance – Gross Written Premium (GBP Billion), 2010–2014

Figure 19: Gibraltarian Non-Life Insurance – Gross Written Premium (GBP Billion), 2014–2019

Figure 20: Gibraltarian Non-Life Insurance – Net Written Premium (GBP Billion), 2010–2014

Figure 21: Gibraltarian Non-Life Insurance – Net Written Premium (GBP Billion), 2014–2019

Figure 22: Gibraltarian Non-Life Insurance – Total Assets (GBP Billion), 2010–2014

Figure 23: Gibraltarian Non-Life Insurance – Total Assets (GBP Billion), 2014–2019

Figure 24: Gibraltarian Non-Life Insurance – Penetration (%), 2010–2014

Figure 25: Gibraltarian Non-Life Insurance – Direct Premium per Capita (GBP), 2010–2014

Figure 26: Gibraltarian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (GBP Billion), 2010–2019

Figure 27: Gibraltarian Reinsurance – Dynamics by Insurance Segment, 2010–2019

Figure 28: Gibraltarian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Figure 29: Gibraltarian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019

Figure 30: Gibraltarian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Figure 31: Gibraltarian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019

Figure 32: Gibraltar – The Three Pillars of Solvency II

Figure 33: Gibraltar – Insurance Supervision and Control at Various Levels

Figure 34: Gibraltar – Insurance Regulatory Frameworks for Company Registration and Operation

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