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The Insurance Industry in Gibraltar, Key Trends and Opportunities to 2018

Published: Jan-2015 | Format: PDF | Timetric | Number of pages: 130 | Code: MRS - 3185

 

Synopsis

 

The report provides in-depth industry analysis, information and insights into the insurance industry in Gibraltar, including:

 

The Gibraltarian insurance industry’s growth prospects by insurance segment and category
The competitive landscape in the Gibraltarian insurance industry
The current trends and drivers in the Gibraltarian insurance industry
Challenges facing the Gibraltarian insurance industry
The detailed regulatory framework of the Gibraltarian insurance industry

 

Executive summary

 

In terms of written premium value, the Gibraltarian insurance industry grew fuelled by strong economic growth, recording a review-period (2009–2013) CAGR of 22.6%. The primary reason for this is the European single market for insurance. The industry is further projected to grow at a forecast-period (2013–2018) CAGR of 13.1%. The industry’s growth was a result of strong performance of the non-life segment, which grew at a review-period CAGR of 27.6%. Growth in the segment was impacted positively by an increase in the number of licensed vehicles per 100 people from 80.1 in 2012 (estimated) to 85.2 in 2013 (estimated). This growth was further supported by the expanding automobile industry in the UK, which rose by 10.9% in 2013 from the previous year. 
As a dependent territory of the UK, Gibraltar is a part of the EU, with exemption only from the common customs tariff, the Common Agricultural Policy and VAT rules. The Financial Services Commission (FSC) is the government authority responsible for supervising and regulating the insurance and reinsurance industry in Gibraltar.

 

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 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Gibraltarian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the insurance companies operating in Gibraltar, and outlines the key regulations affecting them.

 

Reasons to buy

 

Make strategic business decisions using in-depth historic and forecast industry data related to the Gibraltarian insurance industry and each segment within it
Understand the demand-side dynamics, key trends and growth opportunities in the Gibraltarian insurance industry.
Assess the competitive dynamics in the Gibraltarian insurance industry.
Identify the 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.

 

Key highlights

 

Despite a small population, and an area of just 6.8km2, the Gibraltarian insurance industry registered significant growth at a review-period CAGR of 22.6%
The industry is projected to grow at a forecast-period CAGR of 13.1%.
The personal accident and health segment grew at a review-period CAGR of 22.3%.
A high combined ratio is a key concern for insurers operating in Gibraltar.
Financial Services Commission (FSC) is delaying the implementation of Solvency II, which is expected to be implemented by 2016 in line with the EU.
The industry is highly competitive and over served, with 55 insurers currently serving a population of 32,734.

Table Of Content


1 Executive Summary

 

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

 

3 Gibraltarian Insurance Industry Overview
3.1 The Gibraltarian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges

 

4 Industry Segmentation
4.1 Life insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance

 

5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors
5.4.2 Financial Services Commission
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)

 

6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Enterprise Insurance Company Plc – company overview
6.2.2 Argus Insurance Company (Europe) Ltd – company overview
6.2.3 Haven Insurance – company overview
6.2.4 Southern Rock Insurance Company Ltd – company overview
6.2.5 Red Sands Life Assurance Company (Europe) Ltd – company overview

 

7 Macroeconomic Indicators
7.1 GDP at Factor Cost (US$ Million)
7.2 Commercial Vehicles Exports Value (US$ Thousand)
7.3 Commercial Vehicle Imports Value (US$ Million)
7.4 Automotive Exports Value (US$ Million)
7.5 Automotive Imports Value (US$ Million)
7.6 Population Age Distribution

 

8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric’s Services
8.5 Disclaimer

 

List of Tables
 

Table 1: Insurance Industry Definitions
Table 2: Gibraltarian Insurance – Gross Written Premium by Segment (GBP Million), 2009–2013
Table 3: Gibraltarian Insurance – Gross Written Premium by Segment (US$ Million), 2009–2013
Table 4: Gibraltarian Insurance – Gross Written Premium by Segment (GBP Million), 2013–2018
Table 5: Gibraltarian Insurance – Gross Written Premium by Segment (US$ Million), 2013–2018
Table 6: Gibraltarian Insurance – Segmentation by Gross Written Premium (% Share), 2009–2018
Table 7: Gibraltarian Insurance – Direct Written Premium by Segment (GBP Billion), 2009–2013
Table 8: Gibraltarian Insurance – Direct Written Premium by Segment (US$ Billion), 2009–2013
Table 9: Gibraltarian Insurance – Direct Written Premium by Segment (GBP Billion), 2013–2018
Table 10: Gibraltarian Insurance – Direct Written Premium by Segment (US$ Billion), 2013–2018
Table 11: Gibraltarian Insurance – Segmentation by Direct Written Premium (% Share), 2009–2018
Table 12: Gibraltarian Life Insurance – Paid Claims (GBP Million), 2009–2013
Table 13: Gibraltarian Life Insurance – Paid Claims (GBP Million), 2013–2018
Table 14: Gibraltarian Life Insurance – Incurred Loss (GBP Million), 2009–2013
Table 15: Gibraltarian Life Insurance – Incurred Loss (GBP Million), 2013–2018
Table 16: Gibraltarian Life Insurance – Loss Ratio (%), 2009–2013
Table 17: Gibraltarian Life Insurance – Loss Ratio (%), 2013–2018
Table 18: Gibraltarian Life Insurance – Combined Ratio (%), 2009–2013
Table 19: Gibraltarian Life Insurance – Combined Ratio (%), 2013–2018
Table 20: Gibraltarian Life Insurance – Total Assets (GBP Million), 2009–2013
Table 21: Gibraltarian Life Insurance – Total Assets (GBP Million), 2013–2018
Table 22: Gibraltarian Life Insurance – Total Investment Income (GBP Million), 2009–2013
Table 23: Gibraltarian Life Insurance – Total Investment Income (GBP Million), 2013–2018
Table 24: Gibraltarian Life Insurance – Retentions (GBP Million), 2009–2013
Table 25: Gibraltarian Life Insurance – Retentions (GBP Million), 2013–2018
Table 26: Gibraltarian Non-Life Insurance – Gross Written Premium by Category (GBP Billion), 2009–2013
Table 27: Gibraltarian Non-Life Insurance – Gross Written Premium by Category (US$ Billion), 2009–2013
Table 28: Gibraltarian Non-Life Insurance – Gross Written Premium by Category (GBP Billion), 2013–2018
Table 29: Gibraltarian Non-Life Insurance – Gross Written Premium by Category (US$ Billion), 2013–2018
Table 30: Gibraltarian Non-Life Insurance – Direct Written Premium by Category (GBP Billion), 2009–2013
Table 31: Gibraltarian Non-Life Insurance – Direct Written Premium by Category (US$ Billion), 2009–2013
Table 32: Gibraltarian Non-Life Insurance – Direct Written Premium by Category (GBP Billion), 2013–2018
Table 33: Gibraltarian Non-Life Insurance – Direct Written Premium by Category (US$ Billion), 2013–2018
Table 34: Gibraltarian Non-Life Insurance – Paid Claims (GBP Million), 2009–2013
Table 35: Gibraltarian Non-Life Insurance – Paid Claims (GBP Billion), 2013–2018
Table 36: Gibraltarian Non-Life Insurance – Incurred Loss (GBP Million), 2009–2013
Table 37: Gibraltarian Non-Life Insurance – Incurred Loss (GBP Billion), 2013–2018
Table 38: Gibraltarian Non-Life Insurance – Loss Ratio (%), 2009–2013
Table 39: Gibraltarian Non-Life Insurance – Loss Ratio (%), 2013–2018
Table 40: Gibraltarian Non-Life Insurance – Combined Ratio (%), 2009–2013
Table 41: Gibraltarian Non-Life Insurance – Combined Ratio (%), 2013–2018
Table 42: Gibraltarian Non-Life Insurance – Total Assets (GBP Billion), 2009–2013
Table 43: Gibraltarian Non-Life Insurance – Total Assets (GBP Billion), 2013–2018
Table 44: Gibraltarian Non-Life Insurance – Total Investment Income (GBP Million), 2009–2013
Table 45: Gibraltarian Non-Life Insurance – Total Investment Income (GBP Million), 2013–2018
Table 46: Gibraltarian Non-Life Insurance – Retentions (GBP Billion), 2009–2013
Table 47: Gibraltarian Non-Life Insurance – Retentions (GBP Billion), 2013–2018
Table 48: Gibraltarian Property Insurance – Gross Written Premium (GBP Million), 2009–2013
Table 49: Gibraltarian Property Insurance – Gross Written Premium (GBP Billion), 2013–2018
Table 50: Gibraltarian Motor Insurance – Gross Written Premium (GBP Million), 2009–2013
Table 51: Gibraltarian Motor Insurance – Gross Written Premium (GBP Billion), 2013–2018
Table 52: Gibraltarian Liability Insurance – Gross Written Premium (GBP Million), 2009–2013
Table 53: Gibraltarian Liability Insurance – Gross Written Premium (GBP Million), 2013–2018
Table 54: Gibraltarian Marine, Aviation and Transit Insurance – Gross Written Premium (GBP Million), 2009–2013
Table 55: Gibraltarian Marine, Aviation and Transit Insurance – Gross Written Premium (GBP Million), 2013–2018
Table 56: Gibraltarian Personal Accident and Health Insurance – Paid Claims (GBP Million), 2009–2013
Table 57: Gibraltarian Personal Accident and Health Insurance – Paid Claims (GBP Million), 2013–2018
Table 58: Gibraltarian Personal Accident and Health Insurance – Incurred Loss (GBP Million), 2009–2013
Table 59: Gibraltarian Personal Accident and Health Insurance – Incurred Loss (GBP Million), 2013–2018
Table 60: Gibraltarian Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Table 61: Gibraltarian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Table 62: Gibraltarian Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Table 63: Gibraltarian Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Table 64: Gibraltarian Personal Accident and Health Insurance – Total Assets (GBP Million), 2009–2013
Table 65: Gibraltarian Personal Accident and Health Insurance – Total Assets (GBP Billion), 2013–2018
Table 66: Gibraltarian Personal Accident and Health Insurance – Total Investment Income (GBP Million), 2009–2013
Table 67: Gibraltarian Personal Accident and Health Insurance – Total Investment Income (GBP Million), 2013–2018
Table 68: Gibraltarian Personal Accident and Health Insurance – Retentions (GBP Million), 2009–2013
Table 69: Gibraltarian Personal Accident and Health Insurance – Retentions (GBP Million), 2013–2018
Table 70: Gibraltarian Reinsurance – Ceded by Insurance Segment (GBP Million), 2009–2013
Table 71: Gibraltarian Reinsurance – Ceded by Insurance Segment (US$ Million), 2009–2013
Table 72: Gibraltarian Reinsurance – Ceded by Insurance Segment (GBP Billion), 2013–2018
Table 73: Gibraltarian Reinsurance – Ceded by Insurance Segment (US$ Billion), 2013–2018
Table 74: Gibraltarian Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 75: Gibraltarian Life Insurance – Percentage of Reinsurance Ceded (%),2013–2018
Table 76: Gibraltarian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 77: Gibraltarian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 78: Gibraltarian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 79: Gibraltarian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 80: Gibraltar – Life Insurance Regulatory Framework
Table 81: Gibraltar – Property Insurance Regulatory Framework
Table 82: Gibraltar – Motor Insurance Regulatory Framework
Table 83: Gibraltar – Liability Insurance Regulatory Framework
Table 84: Gibraltar – Corporate Tax Rates for the Financial Year 2013
Table 85: Gibraltarian Insurance Company, 2014
Table 86: Enterprise Insurance Company Plc, Main Products
Table 87: Enterprise Insurance Company Plc, Key Employees
Table 88: Argus Insurance Company (Europe) Ltd, Main Products
Table 89: Argus Insurance Company (Europe) Ltd, Key Employees
Table 90: Haven Insurance, Main Products
Table 91: Haven Insurance, Key Employees
Table 92: Southern Rock Insurance Company Ltd, Main Products
Table 93: Southern Rock Insurance Company Ltd, Key Employees
Table 94: Red Sands Life Assurance Company (Europe) Ltd, Main Products
Table 95: Red Sands Life Assurance Company (Europe) Ltd Key Employees

 

List of Figures
 

Figure 1: Gibraltarian Insurance – Gross Written Premium by Segment (GBP Billion), 2009–2018
Figure 2: Gibraltarian Insurance – Gross Written Premium Market Dynamics by Segment, 2009–2018
Figure 3: Gibraltarian Insurance – Direct Written Premium by Segment (GBP Billion), 2009–2018
Figure 4: Gibraltarian Insurance – Direct Written Premium Market Dynamics by Segment, 2009–2018
Figure 5: Gibraltarian Life Insurance – Paid Claims (GBP Million), 2009–2013
Figure 6: Gibraltarian Life Insurance – Paid Claims (GBP Million), 2013–2018
Figure 7: Gibraltarian Life Insurance – Incurred Loss (GBP Million), 2009–2013
Figure 8: Gibraltarian Life Insurance – Incurred Loss (GBP Million), 2013–2018
Figure 9: Gibraltarian Life Insurance – Loss Ratio (%), 2009–2013
Figure 10: Gibraltarian Life Insurance – Loss Ratio (%), 2013–2018
Figure 11: Gibraltarian Life Insurance – Combined Ratio (%), 2009–2013
Figure 12: Gibraltarian Life Insurance – Combined Ratio (%), 2013–2018
Figure 13: Gibraltarian Life Insurance – Total Assets (GBP Million), 2009–2013
Figure 14: Gibraltarian Life Insurance – Total Assets (GBP Million), 2013–2018
Figure 15: Gibraltarian Life Insurance – Total Investment Income (GBP Million), 2009–2013
Figure 16: Gibraltarian Life Insurance – Total Investment Income (GBP Million), 2013–2018
Figure 17: Gibraltarian Life Insurance – Retentions (GBP Million), 2009–2013
Figure 18: Gibraltarian Life Insurance – Retentions (GBP Million), 2013–2018
Figure 19: Gibraltarian Non-Life Insurance – Gross Written Premium by Category (GBP Billion), 2009–2018
Figure 20: Gibraltarian Non-Life Insurance – Gross Written Premium by Category (%), 2013 and 2018
Figure 21: Gibraltarian Non-Life Insurance – Gross Written Premium Dynamics by Category, 2009–2018
Figure 22: Gibraltarian Non-Life Insurance – Direct Written Premium by Category (GBP Billion), 2009–2018
Figure 23: Gibraltarian Non-Life Insurance – Direct Written Premium by Category (%), 2013 and 2018
Figure 24: Gibraltarian Non-Life Insurance – Direct Written Premium Dynamics by Category, 2009–2018
Figure 25: Gibraltarian Non-Life Insurance – Paid Claims (GBP Million), 2009–2013
Figure 26: Gibraltarian Non-Life Insurance – Paid Claims (GBP Billion), 2013–2018
Figure 27: Gibraltarian Non-Life Insurance – Incurred Loss (GBP Million), 2009–2013
Figure 28: Gibraltarian Non-Life Insurance – Incurred Loss (GBP Billion), 2013–2018
Figure 29: Gibraltarian Non-Life Insurance – Loss Ratio (%), 2009–2013
Figure 30: Gibraltarian Non-Life Insurance – Loss Ratio (%), 2013–2018
Figure 31: Gibraltarian Non-Life Insurance – Combined Ratio (%), 2009–2013
Figure 32: Gibraltarian Non-Life Insurance – Combined Ratio (%), 2013–2018
Figure 33: Gibraltarian Non-Life Insurance – Total Assets (GBP Billion), 2009–2013
Figure 34: Gibraltarian Non-Life Insurance – Total Assets (GBP Billion), 2013–2018
Figure 35: Gibraltarian Non-Life Insurance – Total Investment Income (GBP Million), 2009–2013
Figure 36: Gibraltarian Non-Life Insurance – Total Investment Income (GBP Million), 2013–2018
Figure 37: Gibraltarian Non-Life Insurance – Retentions (GBP Billion), 2009–2013
Figure 38: Gibraltarian Non-Life Insurance – Retentions (US$ Billion), 2013–2018
Figure 39: Gibraltarian Property Insurance – Gross Written Premium (GBP Million), 2009–2013
Figure 40: Gibraltarian Property Insurance – Gross Written Premium (GBP Billion), 2013–2018
Figure 41: Gibraltarian Motor Insurance – Gross Written Premium (GBP Million), 2009–2013
Figure 42: Gibraltarian Motor Insurance – Gross Written Premium (GBP Billion), 2013–2018
Figure 43: Gibraltarian Liability Insurance – Gross Written Premium (GBP Million), 2009–2013
Figure 44: Gibraltarian Liability Insurance – Gross Written Premium (GBP Million), 2013–2018
Figure 45: Gibraltarian Marine, Aviation and Transit Insurance – Gross Written Premium (GBP Million), 2009–2013
Figure 46: Gibraltarian Marine, Aviation and Transit Insurance – Gross Written Premium (GBP Million), 2013–2018
Figure 47: Gibraltarian Personal Accident and Health Insurance – Paid Claims by Category (GBP Million), 2009–2013
Figure 48: Gibraltarian Personal Accident and Health Insurance – Paid Claims (GBP Million), 2013–2018
Figure 49: Gibraltarian Personal Accident and Health Insurance – Incurred Loss (GBP Million), 2009–2013
Figure 50: Gibraltarian Personal Accident and Health Insurance – Incurred Loss (GBP Million), 2013–2018
Figure 51: Gibraltarian Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Figure 52: Gibraltarian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Figure 53: Gibraltarian Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Figure 54: Gibraltarian Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Figure 55: Gibraltarian Personal Accident and Health Insurance – Total Assets (GBP Million), 2009–2013
Figure 56: Gibraltarian Personal Accident and Health Insurance – Total Assets (GBP Billion), 2013–2018
Figure 57: Gibraltarian Personal Accident and Health Insurance – Total Investment Income (GBP Million), 2009–2013
Figure 58: Gibraltarian Personal Accident and Health Insurance – Total Investment Income (GBP Million), 2013–2018
Figure 59: Gibraltarian Personal Accident and Health Insurance – Retentions (GBP Million), 2009–2013
Figure 60: Gibraltarian Personal Accident and Health Insurance – Retentions (GBP Million), 2013–2018
Figure 61: Gibraltarian Reinsurance – Ceded by Insurance Segment (GBP Billion), 2009–2018
Figure 62: Gibraltarian Reinsurance – Dynamics by Insurance Segment, 2009–2018
Figure 63: Gibraltarian Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 64: Gibraltarian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 65: Gibraltarian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 66: Gibraltarian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 67: Gibraltarian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 68: Gibraltarian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 69: Gibraltar – Insurance Regulatory Framework, 2014
Figure 70: Gibraltar – Insurance Supervision and Control at Various Levels
Figure 71: Gibraltar – Insurance Regulatory Frameworks for Company Registration and Operation
Figure 72: Gibraltarian GDP at Factor Cost (US$ Million), 2010–2013
Figure 73: Gibraltarian Commercial Vehicles Exports, 2009–2013
Figure 74: Gibraltarian Commercial Vehicle Imports (US$ Million), 2009–2013
Figure 75: Gibraltarian Automotive Exports – Total Value (US$ Billion), 2009–2013
Figure 76: Gibraltarian Automotive Imports (US$ Million), 2009–2013
Figure 77: Gibraltarian Age Distribution (% of Population), 2009–2013

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