UK boosts ‘special bond’ with Gibraltar

February 10, 2024
1 min read

TLDR:

  • Gibraltar’s “speed to market” offerings have attracted UK insurtechs as they seek authorization.
  • Insurtech UK has renewed its Statement of Intent with the Gibraltar government.

Melissa Collett, CEO of Insurtech UK, has stated that Gibraltar’s “speed to market” offerings have won over UK insurtechs as they seek authorization. In a recent interview with Insurance Post, Collett revealed that the trade association has received positive feedback from its members about Gibraltar’s flexible and efficient regulatory regime. She also noted that the territory’s supportive approach and willingness to engage with insurtech companies is a key factor in fostering innovation and growth within the industry.

Gibraltar has established itself as a leading insurance hub in Europe due to its favorable tax and regulatory environment. The government has implemented a streamlined licensing framework that allows insurtech companies to quickly establish operations within the territory. In addition, Gibraltar is a member of the EU single market, which provides companies with access to the wider European market.

The renewed Statement of Intent between the Gibraltar government and Insurtech UK further strengthens the partnership between the two entities. The agreement aims to promote collaboration and knowledge sharing between the UK and Gibraltar in the field of insurtech. It also outlines a commitment to supporting innovation and growth within the sector.

Collett highlighted the importance of Gibraltar’s role as a gateway to the European market for UK insurtech companies post-Brexit. She emphasized that the territory offers a “unique selling point” for firms looking to expand their operations internationally, as it provides access to the EU while also offering a familiar regulatory environment.

The UK government has recognized the strategic importance of Gibraltar’s insurance sector and has pledged to support its growth. The British Insurance Brokers’ Association (BIBA) has also expressed its support for Gibraltar, stating that the territory plays a valuable role in facilitating business between the UK and Europe.

In conclusion, Gibraltar’s “speed to market” offerings, supportive regulatory regime, and access to the European market have made it an attractive destination for UK insurtechs. The renewed partnership between Insurtech UK and the Gibraltar government further solidifies this relationship and demonstrates the commitment to promoting innovation and growth within the sector.

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