What InsurTechs ought to like about Gibraltar

Gibraltar has built a reputation as a congenial domicile for insurance companies. With a robust regulatory regime but an accessible regulator prepared to work fast, Gibraltar is now home to a third of motor insurance premiums in the United Kingdom, including those paid to household names such as Admiral. With nine tenths of its business emanating from London, Gibraltar has suffered little from the loss of free access to European Union (EU) markets that followed Brexit. In fact, Gibraltar may even benefit if plans to join the Schengen Area are realised. With a blockchain law in place, and a statement of intent agreed with InsurTech UK, Gibraltar is also catching the attention of the new breed of technology-driven insurers planning to disrupt an industry that traditionally avoids being in the vanguard of technological revolutions. Dominic Hobson, co-founder of Future of Finance, spoke to Mike Ashton, senior finance executive, insurance and pensions, at Gibraltar Finance, the government body that promotes Gibraltar as a financial services centre, about the opportunities InsurTechs will find in the British Overseas Territory.

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