Government of Gibraltar and Insurtech UK renew Statement of Intent deal

The government of Gibraltar and trade association Insurtech UK have renewed its Statement of Intent deal to help support growth in the insurtech sector.

First signed in 2021, the deal commits both parties to raise awareness, promote opportunities and provide direct access to the relevant officials within the Gibraltar government and wider insurance market to facilitate market research and possible authorisation plans.

The renewed collaboration will enhance support for UK-based insurtech companies seeking authorisation in Gibraltar and expose opportunities for Gibraltar licensed firms in the UK.

Melissa Collett, Insurtech UK chief executive, said: “Our UK insurtech community continues to grow and we wish to continue to explore the opportunities in Gibraltar on behalf of our members.

”We remain committed to supporting our insurtechs on their authorisation journey and Gibraltar continues to be a potential option for some members given the speed and accessibility of the process.

“Gibraltar has unique and strong links with the UK insurance sector and insurtech is an increasing part of that, which is why we are delighted to renew our engagement with the Gibraltar market.”

Commitment

The renewal came as minister for justice, trade and industry of Gibraltar Nigel Feetham told Insurance Times that he wanted ”niche, experienced and tech savvy businesses only licensed in Gibraltar”.

He felt the deal was a “testament to our commitment to fostering the insurtech sector”.

”We often highlight Gibraltar’s robust insurance industry, particularly in the UK motor insurance sector, but the reality is that our insurance offer is becoming far more sophisticated and technology continues to play a large part in that,” he added.

”Gibraltar provides substantial competition and choice for UK consumers.”