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Uncovering the Insurance Market in Gibraltar

Published: Aug-2016 | Format: PDF | Verdict Retail | Number of pages: 19 | Code: MRS - 70667

The Gibraltar-based insurance market services customers across Europe but has a most significant role within the UK insurance space, where a majority of its more than £3bn in business is found. Insurers located in Gibraltar collectively underwrite almost 20% of the UK's private motor market. While a number of factors have been at play in leading insurers to domicile here, a number of factors - not least the impact of Brexit and the shift to Solvency II - have stirred uncertainty.

Key Findings
- Gibraltar is host to an insurance industry of 32 non-life insurers trading a collective £3.3bn on the open market.

- Around two thirds of the market underwrite motor insurance and this accounts for, by some margin, the greatest share of total GWP.

- The result of the referendum on the UK's EU membership provides a challenge to the Gibraltar market, not least those insurers with significant levels of Europe-based business. However, for a majority with a predominant focus on the UK market, the impact is likely to be largely mitigated.

- Admiral Insurance is the largest underwriter in Gibraltar, accounting for more than £850m in total GWP.

Verdict Financial's Uncovering the Insurance Market in Gibraltar report takes a look at an insurance industry that, collectively, plays a significant role within the UK insurance space. This report illustrates the Gibraltar market in numbers, identifying its size and impact across key product areas. After placing these figures in a context which highlights why insurers locate here, what these insurers tend to look like, and the likely impact of Brexit, the report profiles each non-life general insurer in the market.

Reasons To Buy
- Understand the Gibraltar market better and recognize the impact the industry has on your market.

- Benchmark against the market's players and identify which frame the most significant competition to your book of business.

Figure 1: The largest proportion of Filipino HNW assets are still held by family business owners
Figure 2: Retail and wholesale dominate as sources of wealth, although the country has become more diversified
Figure 3: The Philippines' HNW expat community are mainly short-term residents
Figure 4: Hong Kong has come to dominate the expat pool in the Philippines
Figure 5: Philam Life's Money Tree Elite is geared towards wealth building, not just preservation
Figure 6: HNW expats residing in the Philippines want to stay in control of their investments
Figure 7: Better returns drive Filipino HNW investors to opt for professionals
Figure 8: Filipino HNW wealth is relatively evenly distributed across mandate types
Figure 9: Local Filipino providers are experiencing low demand across all mandates
Figure 10: All mandates will go from strength to strength over the next two years
Figure 11: Filipino HNW investors' desire for control is what drives them to self-direct
Figure 12: HNW investors are heavily exposed to bonds and equities
Figure 13: Equity has been a leading draw for HNW wealth in the Philippines
Figure 14: Rebounding stocks will drive interest in equities to new highs
Figure 15: Bonds account for almost 50% of the Philippines HNW portfolio
Figure 16: Many wealth managers expect bond demand to increase over the next 12 months
Figure 17: Filipino investors keep cash allocations very low compared to Asia Pacific
Figure 18: The majority of wealth managers expect HNW demand for cash products to decrease
Figure 19: Property does not figure prominently in the Filipino HNW investment portfolio
Figure 20: Capital appreciation and asset diversification fuel HNW demand for property
Figure 21: Pension planning is strongly in demand among Filipino HNW investors
Figure 22: HNW demand for planning services is forecast to increase significantly
Figure 23: Filipinos are showing strong demand for margin loans
Figure 24: Forecasts for investment property advice and margin loan demand are high

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