PRESS RELEASE No: 49/2024 Date: 31st January 2024
HM Government of Gibraltar and Insurtech UK Renew their Statement of Intent HM Government of Gibraltar and Insurtech UK, representing the United Kingdom's insurtech sector, are delighted to announce the renewal of the Statement of Intent that was entered into in 2021, further solidifying their commitment to the growth and support of the insurtech sector, in both Gibraltar and the UK. This renewed collaboration will enhance support for UK-based insurtech companies seeking authorisation in Gibraltar and expose opportunities for Gibraltar licensed firms in the UK. Gibraltar has established itself as a key destination for insurance authorisations, thanks in part to its tech-friendly regulatory environment and the collaborative approach of its regulator. The Statement of Intent focuses on raising awareness, promoting opportunities, and providing direct access to Gibraltar government officials and Insurtech UK members. The Minister for Justice, Trade and Industry, the Hon Nigel Feetham, stated, "Renewing our joint Statement of Intent with Insurtech UK is a testament to our commitment to fostering the insurtech sector. We often highlight Gibraltar’s robust insurance industry, particularly in the UK motor insurance sector, but the reality is that our insurance offer is becoming far more sophisticated and technology continues to play a large part in that. Gibraltar provides substantial competition and choice for UK consumers. “I am enthusiastic about the possibilities this renewed cooperation brings and am grateful for the proactive and positive engagement from Insurtech UK's CEO, Melissa Collett, who I had the pleasure of welcoming to Gibraltar." Melissa Collett, Insurtech UK's CEO stated, "We are delighted to renew our Statement of Intent with HM Government of Gibraltar to signify our continued collaboration around insurtech that was originally agreed in 2021. Our UK insurtech community continues to grow, and we wish to continue to explore the opportunities in Gibraltar on behalf of our members. We remain committed to supporting our insurtechs on their authorisation journey and Gibraltar continues to be a potential option for some members given the speed and accessibility of the process. Gibraltar has unique and strong links with the UK insurance sector and insurtech is an increasing part of that, which is why we are delighted to renew our engagement with the Gibraltar market." ENDS HM Government of Gibraltar • 6 Convent Place • Gibraltar GX11 1AA t +350 20070071 e pressoffice@gibraltar.gov.gi w gibraltar.gov.gi