Gibraltar’s insurance market has experienced significant development over the past decade, with new entrants contributing to growth in the territory’s premium base, according to a new report by A.M. Best. Insurers have been attracted to the British overseas territory by the ability to write cross-border business into the UK and other EU countries, as well as a favourable taxation system.
The Best’s Market Segment Report, titled, “Gibraltar Insurance Market Enjoys Solid Performance but Brexit Creates Uncertainty”, states Gibraltar is a member of the EU by virtue of UK membership, and when this is relinquished by the UK, it will also lose any benefits of EU membership, such as passporting rights.
