Gibraltar: Grappling with Brexit

On 29 March, the UK will leave the European Union, but it is not just the UK that will be breaking away from the bloc. Gibraltar will also be following the UK out the door, despite 96% of Gibraltarians voting to remain For now, no deal has been reached that secures the future of the passporting rights that has allowed UK and Gibraltar-based insurers to write premiums in the EU, and without such a deal these rights will end after Brexit. With more than 90% of Gibraltar’s insurance business bein

Motor market performance: Gibraltar v UK

Gibraltar continues to play a large part in the UK insurance market, benefiting from a historically low expense base and an open regulator that provides unparalleled access to decision-makers Gibraltar is a big player in the UK motor market, with Gibraltarian insurers writing £1.2bn in net earned motor premiums, according to calculations by Insurance Times from the most recent set of Solvency and Financial Condition Reports (SFCRs), with 92% of that coming from the UK. Big motor players such a

Gibraltar insurers enter uncharted territory

Brexit. Love it or hate it, you just can’t get away from it at the moment. Every day there seems to be a new development, more often than not a setback, in the headlines, and all that remains is uncertainty as to how the UK will withdraw from the EU, if at all. And for insurers, the uncertainty that continues to rumble on is, at times, almost unbearable, so much so that the ABI issued a statement after Theresa May’s crushing defeat in parliament in January describing the situation as delivering

Who tops the list as the best underwriter in Gibraltar?

Saga underwriter Acromas cuts its combined operating ratio to 36%, while AA scores biggest improvement in loss ratio and Acasta returns to a stable solvency position after reporting a sub-100% solvency coverage ratio More than half of the 23 Gibraltar-based insurers that were analysed in this report reported an underwriting profit in their most recent Solvency and Financial Condition Report (SFCR). An Insurance Times analysis of the SFCRs for the Gibraltarian general insurance market revealed

Revolutionary Gibraltar embraces blockchain

The subject of blockchain and distributed ledger technology (DLT) has filled plenty of column inches in the insurance press, with the industry beginning to get to grips with the emerging technology and the benefits for insurers. But in Gibraltar, plans are well under way for building a regulatory environment under which DLT and blockchain can thrive and provide a boost to the territory’s insurance industry. “There is an accelerating movement in Gibraltar within the distributed ledger technolog

Anatomy of a product recall

Once you’ve been through a product recall, it’s time to take stock, clean up, and put processes in place to make sure that incident does not happen again. Product recalls happen all the time, but not to everyone simultaneously. When they do happen, a major recall can quickly develop into a media nightmare as the brand is villainised in the press and consumer trust is eroded. In the worst case scenario this brand damage, as well as the sometimes crippling cost of actually recalling the product,

Brexit: Choppy waters for supply chains

However Brexit plays out, the impact on international trade is likely to be great. As forecasted border delays threaten to sink UK manufacturing, supply chain managers are acting now. For those against the UK’s decision to leave the EU, one of the biggest factors in their position is the threat Brexit presents to international trade. At the moment, borders within the EU offer free movement of people and goods, and those goods are traded tariff-free in a frictionless environment aimed at making

Brexit: Breaking up is hard to do

Businesses are largely still in the dark over exactly what Brexit Day will bring next March, but practical plans need to be devised and enacted now. And risk managers must be central in preparing for every eventuality, deal or no deal. Brexit Day is looming, and negotiations continue to hit stalemate. But this must not stop risk managers developing plays for every outcome if they want to protect their business from whatever the future holds. Fast forward. It’s 29 March 2019 – Brexit Day – the

UK's top performing insurers revealed

Can Aviva hold onto it’s crown from last year? Find out which insurer was the most profitable in its half-year performance figures Admiral has resumed its place as the flagship of the UK insurance fleet. Analysis of the first half-year performances of Britain’s leading insurers shows that Admiral produced the best underwriting results, closely followed by Aviva, with Allianz in third place. Admiral’s return to the top comes after last year, when Aviva had knocked it off top spot. Recently re

M&A set to reshape broking landscape

GRP is leading the way on a number of deals, while Ardonagh dominates on cash value The consolidators have returned to the acquisitions trail in earnest over the last year with a whole raft of deals making the headlines as acquisitive growth seems to be firmly on the agenda of the biggest deal makers in UK broking. Peter Cullum’s GRP has been the busiest broker in the M&A market, with the broking group completing no fewer than 19 broker acquisitions since the beginning of 2015, according to an

Is a product recall ever good?

Fall out from a recall can be devastating, hitting retailer and consumer trust, and bringing heavy hidden costs. While some say it is possible to come out of a recall looking good, ultimately prevention is always better than cure. When a product recall notice hits the headlines, the results for a food and drink retailer or manufacturer can be catastrophic. The potential for a food contamination to cause widespread illness or even have deadly consequences means that food and drink businesses li

Whiplash reforms delay a "sensible decision" – DWF

DWF’s Nigel Teasdale says the delay will allow time for the new system to be properly tested before implementation The government’s announcement on Monday that the incoming whiplash reforms would be delayed by a further year until April 2020 drew criticism from insurers, but defendant law firm DWF has defended the move, saying it will provide more time to ensure the changes are properly introduced. “[While the delay] is something we had been expecting for some time, it would appear to be a sen

How Direct Line has grabbed pole position in the motor market

Exclusive analysis of the regulatory returns of the UK’s leading motor insurers reveals the strategy that has put Direct Line Group ahead of its rivals Insurance Times’ analysis of the latest set of Statement of Financial Condition Reports from eight of the leading motor insurers in the UK has revealed Direct Line Group (DLG) as the standout performer. DLG reported a combined operating ratio (COR) for motor of 95.2% for 2017, more than nine percentage points better than the loss-making 104.4%

Motor market returns to profit with best COR since the 90s

The UK motor insurance market has returned to underwriting profit, recording its best combined operating ratio (COR) since 1994, according to the EY Annual UK Motor Insurance Results. The aggregate COR for 2017 was reported as 96.8% for 2017, a 12.6 percentage point improvement on the loss-making 109.4% COR reported in 2016. EY said 2017’s strong result was driven by premium increases, a fall in injury claims, and a readjustment of reserves for large claims due to the improved outlook for the

Whiplash claims fall as Parliament debates claimant curbs

Whiplash claims have fallen two years in a row. Meanwhile the government is pushing through new legislation to curb claims Whiplash claims are falling, just as Parliament debates measures to curb the epidemic of soft tissue damage claims that are blamed for pushing up motor premiums. The number of motor insurance claims passing through the Ministry of Justice (MoJ) RTA portal for low value personal injury claims has fallen by more than 12% over the last year, with the portal receiving 699,429
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