Press Release - JANUARY 31, 2019

AM BestTV: Gibraltar Insurers Prep for Impact of Brexit, UK Motor Changes, Says AM Best Senior Director


CONTACTS:
 Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com


FOR IMMEDIATE RELEASE

OLDWICK - JANUARY 31, 2019
In this episode of AM BestTV, Catherine Thomas, senior director of analytics, AM Best, discusses a recent report about how some Gibraltar insurers may have to adapt once the United Kingdom (U.K.) exits the European Union (EU) in order to retain EU business. Click on http://www.ambest.com/v.asp?v=gibralter219 to view the entire program.

Thomas discussed how Brexit will impact the market.

“Gibraltar is a member of the EU by virtue of its U.K. membership. Once this is relinquished by the U.K., Gibraltar will lose the benefits of EU membership, such as passporting rights. For the majority of Gibraltar insurers, this will not be a significant issue, as almost 90% of premium emanates from the U.K. For those insurers that are writing business in the other 27 EU countries, they will either have to put contingency plans in place or cease to underwrite this business,” she said.

Thomas also discussed the state of the Gibraltar insurance market.

“The overall earnings for Gibraltar insurers generally have been good in recent years with return on equity measures being in the high single-digits, helped by ancillary underwriting income,” said Thomas. “U.K. motor, the principal market in which they operate is subject to considerable competition, which has meant considerable pricing pressure in recent years.”

To access a copy of this market segment report, titled, “Gibraltar Insurance Market Enjoys Solid Performance but Brexit Creates Uncertainty,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=280313 .

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AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View AM BestTV episodes at http://www.ambest.tv .

AM Best is a global rating agency and information provider with a unique focus on the insurance industry.