Insurtech UK, the trade association for insurtech businesses in the UK, has signed a Statement of Intent with Gibraltar Finance, the Government department responsible for promoting Gibraltar’s financial services sector. The Statement of Intent commits both parties to working together to increase the level of support available to UK insurtechs who are interested in becoming authorised insurers or authorised MGAs in Gibraltar.
The agreement was signed between Luisa Barile and James York – Co-Chairs of Insurtech UK – and Albert Isola MP, Minister for Digital and Financial Services for HM Government of Gibraltar.
One of the most interesting trends within the UK insurtech sector has been the rise of Gibraltar as a destination to seek insurance authorisations. 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.
Insurtech UK secured this agreement to ensure that all of its 115 members can have improved access to this important regulatory market. 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.
Insurtech UK Co-Chairs Luisa Barile and James York commented: “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.”
Albert Isola MP, Minister for Digital and Financial Services at HM Government of Gibraltar, added: “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.”