The days of motor insurers dominating Gibraltar are over, with legal expenses providers set to flock to the Rock over the next few years, according to Gibraltar's financial services regulator.
Chris Collins, head of insurance supervision at the Gibraltar Financial Services Commission, said motor insurance had "run its course" and after-the-event (ATE) legal expenses insurance was "the next big thing".
He said: "ATE providers are attracted by Gibraltar's low-cost operating base and the expertise of our insurance managers".
In the past year Aon has brought three ATE providers to the Rock: Elite (Litcomp), Mount Grace (Freeclaim IDC) and Red Sands (F&I Solutions).
Litcomp's chief executive officer, Jason Smart, said: "One of the reasons we chose Gibraltar was that it was regulated fairly highly. It has good solvency requirements, which are substantial enough but not prohibitive."
Chris Johnson, Aon Insurance Managers (Gibraltar) business development director, said: "It is easy to have a dialogue with the regulator here." But he said Aon was still talking to other motor players in the UK.
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