Can Gibraltar’s insurers keep up with Solvency II?
Efforts by Gibraltar’s Financial Services Commission (FSC) to prepare for Solvency II are paying off.
Accounting firm Deloitte’s annual study of the Gibraltar motor insurance market shows that eight of Gibraltar’s firms had solvency margins higher than 200%, up from five at end-2012.
But the big question is whether all companies will keep up. Deloitte’s study reveals that two insurers were below the minimum required solvency margin set by the FSC at the end of 2013.
Companies must also stay strong. As our study shows, some companies’ solvency margins have been volatile. This cannot happen after 1 January 2016.
The good news is that, judging from the responses we received, chief executives are making every effort to ensure their companies are prepared.