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

Published: Jun, 2016 | Pages: 96 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

"Timetric’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 Timetric’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.

Summary

Timetric’s 'The Insurance Industry in Gibraltar, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Gibraltarian insurance industry, including:

• The Gibraltarian insurance industry's growth prospects by segment and category

• A comprehensive overview of the Gibraltarian economy and demographics

• The detailed competitive landscape in the Gibraltarian insurance industry

• Overview of distribution channels in the Gibraltarian insurance industry

• Details of regulatory policy applicable to the Gibraltarian insurance industry

• Analysis of natural hazards 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 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.

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.

Key Highlights

• Attractive legal features related to insurance company licensing, establishment and the selling of products have attracted many captives and offshore insurers, such as Brit Insurance, Intercontinental Hotels and Tate & Lyle.

• Gibraltar's EU membership provides insurance passporting rights, which have been a key model for Gibraltarian insurers.

• The life segment declined at a review-period CAGR of -21.9%; however, it is projected to grow at a forecast-period CAGR of 16.9%.

• All types of insurance can be underwritten from Gibraltar, although motor insurance has a large share. Gibraltarian insurers tend to source business from the UK, while they write around 20% of motor insurance.

• The Gibraltarian construction industry grew during the review period, due to government and private investment in infrastructure, housing development, and land reclamation projects.

• Gibraltar has established itself as a leading destination for online gaming activities, which plays a significant role in the economy.

 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 Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer

List of Tables

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

List of 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