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The Insurance Industry in Gibraltar, Key Trends and Opportunities to 2019 Report / Search Code: WGR528200
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Publish Date: 30 June, 2016
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Synops is Timetric’s 'The Ins urance Indus try in Gibraltar, Key Trends and Opportunities to 2019' report provides detailed analys is of the market trends , drivers and challenges in the Gibraltarian ins urance indus try. It provides key performance indicators s uch as written premium, incurred los s , los s ratio, commis s ions and expens es , total as s ets , total inves tment income and retentions during the review period (2010–2014) and forecas t period (2014–2019). The report als o analyzes dis tribution channels operating in the s egment, gives a comprehens ive overview of the Gibraltarian economy and demographics , and provides detailed information on the competitive lands cape in the country. The report brings together Timetric’s res earch, modeling and analys is expertis e, giving ins urers acces s to information on s egment dynamics and competitive advantages , and profiles of ins urers operating in the country. The report als o includes details of ins urance regulations , and recent changes in the regulatory s tructure. Summary Timetric’s 'The Ins urance Indus try in Gibraltar, Key Trends and Opportunities to 2019' report provides in-depth market analys is , information and ins ights into the Gibraltarian ins urance indus try, including: • The Gibraltarian ins urance indus try's growth pros pects by s egment and category • A comprehens ive overview of the Gibraltarian economy and demographics • The detailed competitive lands cape in the Gibraltarian ins urance indus try • Overview of dis tribution channels in the Gibraltarian ins urance indus try • Details of regulatory policy applicable to the Gibraltarian ins urance indus try • Analys is of natural hazards in Gibraltar Scope This report provides a comprehens ive analys is of the ins urance indus try in Gibraltar: • It provides his torical values for the Gibraltarian ins urance indus try for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecas t period. • It offers a detailed analys is of the key s egments in the Gibraltarian ins urance indus try, with market forecas ts to 2019. • It covers an exhaus tive lis t of parameters , including written premium, incurred los s , los s ratio, combined ratio, total as s ets , total inves tment income and retentions . • It analyzes the various dis tribution channels in Gibraltar. • It profiles the top ins urance companies in Gibraltar and outlines the key regulations affecting them. Reas ons To Buy • Make s trategic bus ines s decis ions us ing in-depth his toric and forecas t market data related to the Gibraltarian ins urance indus try and each s egment and category within it. • Unders tand the demand-s ide dynamics , key market trends and growth opportunities in the Gibraltarian ins urance indus try. • As s es s the competitive dynamics in the Gibraltarian ins urance indus try. • Identify growth opportunities and market dynamics in key s egments . • Gain ins ights into key regulations governing the Gibraltarian ins urance indus try and their impact on companies and the indus try's future. Key Highlights • Attractive legal features related to ins urance company licens ing, es tablis hment and the s elling of products have attracted many captives and offs hore ins urers , s uch as Brit Ins urance, Intercontinental Hotels and Tate & Lyle. • Gibraltar's EU members hip provides ins urance pas s porting rights , which have been a key model for Gibraltarian ins urers . • The life s egment declined at a review-period CAGR of -21.9%; however, it is
projected to grow at a forecas t-period CAGR of 16.9%. • All types of ins urance can be underwritten from Gibraltar, although motor ins urance has a large s hare. Gibraltarian ins urers tend to s ource bus ines s from the UK, while they write around 20% of motor ins urance. • The Gibraltarian cons truction indus try grew during the review period, due to government and private inves tment in infras tructure, hous ing development, and land reclamation projects . • Gibraltar has es tablis hed its elf as a leading des tination for online gaming activities , which plays a s ignificant role in the economy. Contents:
Table of Contents 1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Gibraltarian Ins urance Indus try Overview 4.1 Gibraltarian Ins urance Indus try 5 Indus try Segmentation 5.1 Life Ins urance 5.2 Non-Life Ins urance 5.3 Reins urance 6 Natural Hazards 6.1 Earthquakes 7 Dis tribution Channel Outlook 8 Competitive Lands cape 8.1 Overview 8.2 Leading Companies 8.2.1 Enterpris e Ins urance Co. Plc – company overview 8.2.2 Argus Ins urance Co. (Europe) Ltd – company overview 8.2.3 Haven Ins urance Co. Ltd – company overview 8.2.4 Southern Rock Ins urance Co. Ltd – company overview 8.2.5 Red Sands Life As s urance Co. (Europe) Ltd – company overview 9 Governance, Ris k and Compliance 9.1 Legis lation Overview and His torical Evolution 9.2 Lates t Changes in Regulations 9.3 Legis lation and Market Practice by Type of Ins urance 9.3.1 Life ins urance 9.3.2 Property ins urance 9.3.3 Motor ins urance 9.3.4 Liability ins urance 9.3.5 Marine, aviation and trans it ins urance 9.3.6 Pers onal accident and health ins urance 9.4 Compuls ory Ins urance 9.4.1 Motor third-party liability ins urance 9.4.2 Profes s ional indemnity for alternative inves tment managers 9.5 Supervis ion and Control 9.5.1 International As s ociation of Ins urance Supervis ors (IAIS) 9.5.2 Financial Services Commis s ion (FSC) 9.5.3 Gibraltar Ins urance As s ociation (GIA) 9.6 Non-Admitted Ins urance Regulations 9.6.1 Overview 9.6.2 Intermediaries 9.6.3 Market practices 9.6.4 Fines and penalties 9.7 Company Regis tration and Operations 9.7.1 Types of ins urance organization 9.7.2 Es tablis hing a local company 9.7.3 Foreign owners hip 9.7.4 Types of licens e 9.7.5 Capital requirements 9.7.6 Solvency margins 9.7.7 Res erve requirements 9.7.8 Inves tment regulations 9.7.9 Statutory return requirements 9.7.10 Fee s tructure 9.8 Taxation 9.8.1 Ins urance premium or policy taxation 9.8.2 Withholding taxes on premium paid overs eas 9.8.3 Corporate tax 9.8.4 VAT 9.8.5 Captives 9.9 Legal Sys tem 9.9.1 Introduction 9.9.2 Acces s to court 9.9.3 Alternative dis pute res olution (ADR) 10 Definitions and Methodology 10.1 Definitions 10.2 Methodology
11 About Timetric 11.1 Contact Timetric 11.2 About Timetric 11.3 Timetric’s Services 11.4 Dis claimer Lis t of Tables Table 1: Gibraltarian Ins urance Indus try – Key Facts Table 2: Gibraltarian Ins urance – Gros s Written Premium by Segment (GBP Million), 2010–2014 Table 3: Gibraltarian Ins urance – Gros s Written Premium by Segment (US$ Million), 2010–2014 Table 4: Gibraltarian Ins urance – Gros s Written Premium by Segment (GBP Million), 2014–2019 Table 5: Gibraltarian Ins urance – Gros s Written Premium by Segment (US$ Million), 2014–2019 Table 6: Gibraltarian Ins urance – Segmentation by Gros s Written Premium (% Share), 2010–2019 Table 7: Gibraltarian Ins urance – Direct Written Premium by Segment (GBP Million), 2010–2014 Table 8: Gibraltarian Ins urance – Direct Written Premium by Segment (US$ Million), 2010–2014 Table 9: Gibraltarian Ins urance – Direct Written Premium by Segment (GBP Million), 2014–2019 Table 10: Gibraltarian Ins urance – Direct Written Premium by Segment (US$ Million), 2014–2019 Table 11: Gibraltarian Ins urance – Segmentation by Direct Written Premium (Percentage Share), 2010–2019 Table 12: Gibraltarian Life Ins urance – Gros s Written Premium (GBP Million), 2010 –2014 Table 13: Gibraltarian Life Ins urance – Gros s Written Premium (GBP Million), 2014 –2019 Table 14: Gibraltarian Life Ins urance – Net Written Premium as a Percentage of Gros s Written Premium (%), 2010–2014 Table 15: Gibraltarian Life Ins urance – Net Written Premium as a Percentage of Gros s Written Premium (%), 2014–2019 Table 16: Gibraltarian Life Ins urance – Total As s ets (GBP Million), 2010–2014 Table 17: Gibraltarian Life Ins urance – Total As s ets (GBP Million), 2014–2019 Table 18: Gibraltarian Life Ins urance – Net Written Premium (GBP Million), 2010–2014 Table 19: Gibraltarian Life Ins urance – Net Written Premium (GBP Million), 2014–2019 Table 20: Gibraltarian Non-Life Ins urance – Gros s Written Premium (GBP Billion), 2010–2014 Table 21: Gibraltarian Non-Life Ins urance – Gros s Written Premium (GBP Billion), 2014–2019 Table 22: Gibraltarian Non-Life Ins urance – Net Written Premium (GBP Billion), 2010 –2014 Table 23: Gibraltarian Non-Life Ins urance – Net Written Premium (GBP Billion), 2014 –2019 Table 24: Gibraltarian Non-Life Ins urance – Total As s ets (GBP Billion), 2010–2014 Table 25: Gibraltarian Non-Life Ins urance – Total As s ets (GBP Billion), 2014–2019 Table 26: Gibraltarian Reins urance – Premium Ceded (Excluding Retroces s ion) by Ins urance Segment (GBP Million), 2010–2014 Table 27: Gibraltarian Reins urance – Premium Ceded (Excluding Retroces s ion) by Ins urance Segment (US$ Million), 2010–2014 Table 28: Gibraltarian Reins urance – Premium Ceded (Excluding Retroces s ion) by Ins urance Segment (GBP Million), 2014–2019 Table 29: Gibraltarian Reins urance – Premium Ceded (Excluding Retroces s ion) by Ins urance Segment (US$ Million), 2014–2019 Table 30: Gibraltarian Life Ins urance – Percentage of Premium Ceded (Excluding Retroces s ion), 2010–2014 Table 31: Gibraltarian Life Ins urance – Percentage of Premium Ceded (Excluding Retroces s ion), 2014–2019 Table 32: Gibraltarian Non-Life Ins urance – Percentage of Premium Ceded (Excluding Retroces s ion), 2010–2014 Table 33: Gibraltarian Non-Life Ins urance – Percentage of Premium Ceded (Excluding Retroces s ion), 2014–2019 Table 34: Gibraltarian Average Annual Los s by Hazard (US$ Million), 1990–2014 Table 35: Ins urance Companies in Gibraltar, 2016 Table 36: EEA Ins urance Companies in Gibraltar, 2016 Table 37: Enterpris e Ins urance Co. Plc – Key Facts Table 38: Argus Ins urance Co. (Europe) Ltd – Key Facts Table 39: Haven Ins urance Co. Ltd – Key Facts Table 40: Southern Rock Ins urance Co. Ltd – Key Facts Table 41: Red Sands Life As s urance Co. (Europe) Ltd – Key Facts Table 42: Gibraltar – Ins urance Regulatory Framework Key Features Table 43: Gibraltar – Life Ins urance Regulatory Framework Table 44: Gibraltar – Property Ins urance Regulatory Framework Table 45: Gibraltar – Motor Ins urance Regulatory Framework Table 46: Gibraltar – Liability Ins urance Regulatory Framework
Table 47: Gibraltar – Corporate Tax Rates for the Financial Year 2015 Table 48: Ins urance Indus try Definitions Lis t of Figures Figure 1: Gibraltar’s Cons umer Price Inflation, 2010–2014 Figure 2: Gibraltar’s Unemployed Population, 2010–2014 Figure 3: Gibraltar’s Population, 1991–2014 Figure 4: Gibraltarian Ins urance – Gros s Written Premium by Segment (GBP Billion), 2010–2019 Figure 5: Gibraltarian Ins urance – Gros s Written Premium Dynamics by Segment, 2010–2019 Figure 6: Gibraltarian Ins urance – Direct Written Premium by Segment (GBP Billion), 2010–2019 Figure 7: Gibraltarian Ins urance – Direct Written Premium Market Dynamics by Segment, 2010–2019 Figure 8: Gibraltarian Life Ins urance – Gros s Written Premium (GBP Million), 2010 –2014 Figure 9: Gibraltarian Life Ins urance – Gros s Written Premium (GBP Million), 2014 –2019 Figure 10: Gibraltarian Life Ins urance – Net Written Premium as a Percentage of Gros s Written Premium (%), 2010–2014 Figure 11: Gibraltarian Life Ins urance – Net Written Premium as a Percentage of Gros s Written Premium (%), 2014–2019 Figure 12: Gibraltarian Life Ins urance – Total As s ets (GBP Million), 2010–2014 Figure 13: Gibraltarian Life Ins urance – Total As s ets (GBP Million), 2014–2019 Figure 14: Gibraltarian Life Ins urance – Net Written Premium (GBP Million), 2010 –2014 Figure 15: Gibraltarian Life Ins urance – Net Written Premium (GBP Million), 2014 –2019 Figure 16: Gibraltarian Life Ins urance – Penetration (%), 2010–2014 Figure 17: Gibraltarian Life Ins urance – Direct Premium per Capita (GBP), 2010–2014 Figure 18: Gibraltarian Non-Life Ins urance – Gros s Written Premium (GBP Billion), 2010–2014 Figure 19: Gibraltarian Non-Life Ins urance – Gros s Written Premium (GBP Billion), 2014–2019 Figure 20: Gibraltarian Non-Life Ins urance – Net Written Premium (GBP Billion), 2010 –2014 Figure 21: Gibraltarian Non-Life Ins urance – Net Written Premium (GBP Billion), 2014 –2019 Figure 22: Gibraltarian Non-Life Ins urance – Total As s ets (GBP Billion), 2010–2014 Figure 23: Gibraltarian Non-Life Ins urance – Total As s ets (GBP Billion), 2014–2019 Figure 24: Gibraltarian Non-Life Ins urance – Penetration (%), 2010–2014 Figure 25: Gibraltarian Non-Life Ins urance – Direct Premium per Capita (GBP), 2010 –2014 Figure 26: Gibraltarian Reins urance – Premium Ceded (Excluding Retroces s ion) by Ins urance Segment (GBP Billion), 2010–2019 Figure 27: Gibraltarian Reins urance – Dynamics by Ins urance Segment, 2010–2019 Figure 28: Gibraltarian Life Ins urance – Percentage of Premium Ceded (Excluding Retroces s ion), 2010–2014 Figure 29: Gibraltarian Life Ins urance – Percentage of Premium Ceded (Excluding Retroces s ion), 2014–2019 Figure 30: Gibraltarian Non-Life Ins urance – Percentage of Premium Ceded (Excluding Retroces s ion), 2010–2014 Figure 31: Gibraltarian Non-Life Ins urance – Percentage of Premium Ceded (Excluding Retroces s ion), 2014–2019 Figure 32: Gibraltar – The Three Pillars of Solvency II Figure 33: Gibraltar – Ins urance Supervis ion and Control at Various Levels Figure 34: Gibraltar – Ins urance Regulatory Frameworks for Company Regis tration and Operation
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