Gibraltar Finance signs Statement of Intent with Insurtech UK
Gibraltar Finance has recently signed a Statement of Intent with trade association, Insurtech UK, for both parties to work together in order to raise awareness of the Gibraltar insurance market.
The Statement of Intent includes a year-long plan to promote opportunities for UK-based insurtech companies in Gibraltar including working groups and trade missions.
By securing this agreement, Insurtech UK will ensure that all of its 115 members can have improved access to this important regulatory market, a Government spokesman said in a statement.
Meanwhile for Gibraltar, this is an important partnership to showcase its reputation as an increasingly important financial services hub in Europe, and to ensure more UK businesses expand into the market.
The Statement of Intent commits Insurtech UK and Gibraltar Finance to working together to raise awareness, promote opportunities and to provide direct access to the relevant officials within the Gibraltar Government and wider insurance market to facilitate their market research and possible authorisation plans.
The agreement was signed between Luisa Barile and James York, co-chairs of Insurtech UK, and Albert Isola, Minister for Digital and Financial Services.
“One of the most interesting trends within the UK insurtech sector has been the rise of Gibraltar as a destination to seek insurance authorisations,” a spokesman for No.6 Convent Place said.
“The only two UK insurtech carriers – Zego and Marshmallow – both sought their licences in Gibraltar, due to the perceived tech friendliness of the regulator and the direct engagement and interaction with the regulator throughout the application process.”
“It will be interesting to see if this trend continues as we will more likely see more insurance authorisations in the future from insurtech MGAs.”
Ms Barile and Mr York of Insurtech UK said: “When looking at new markets and a daunting authorisation process, often the most time-consuming part is finding the right people to talk to, getting boots on the ground and having access to the best information to understand the market and the opportunities for your business.”
“We are committed to supporting our members in their authorisation journey and with Gibraltar a clear option that has been tried and tested, we’re ready to support in the future and make that process as straight forward as possible, should members feel it be the best option for their business.”
"We are confident that this Statement of Intent opens up a lot of opportunities for our members to better understand the market and to accelerate future authorisations.”
For his part, Mr Isola said: “It is a pleasure for HM Government of Gibraltar to have entered into the Joint Statement of Intent with Insurtech UK.”
“Gibraltar has a large insurance industry with particular expertise in the UK motor insurance sector which offers valuable competition and choice to UK consumers.”
“I hope our co-operation with Insurtech UK will lead to opportunities for Gibraltar to support and facilitate the activities of UK insurtechs as they build and develop their business strategies.”
“Finally, I would like to thank the co-chairs of Insurtech UK, James York and Luisa Barile, for engaging in such a positive and welcoming manner, it has been an absolute pleasure to be involved in this initiative.”