Gibraltar has become a recognised jurisdiction for insurance companies over the last few years, insuring approximately 10% of all UK cars. Being a member of the EU, a licensed Gibraltar insurance company (and any licensed financial services company) has the ability to be able to passport its services throughout the EU without the need for a separate license.
The principal reasons for establishing an insurance enterprise in Gibraltar include:
- well respected jurisdiction
- dynamic appropriate regulation
- tax minimisation and deferral
- cost reduction
- risk retention, risk management and loss of control
- stabilisation of earnings
- greater availability of insurance cover and access to reinsurance markets
- improved management of group funds
- development of a profit centre.
KPMG in Gibraltar is a market-leader in professional services to the insurance industry in Gibraltar, working closely with major industry carriers, brokers and insurance services providers. We also invest locally in the insurance industry through participation in insurance industry groups and have regular open communication with the Government and regulator.
This broad experience enables us to service companies not only writing traditional lines, but those whose business includes specialised short and long tail lines such as life, product warranty, credit life, environmental liability, general liability, E&O, D&O, loss portfolio transfers and structured reinsurance.