The insurance market in Gibraltar is now one of the most important in Europe, claims the country’s chief minister, Peter Caruana.

Speaking at a press briefing last week, he said the government had developed the Gibraltan insurance market into a leading force in recent years.

According to the latest statistics from the Financial Services Commission, the country’s financial regulator, 63 insurance companies generate more than £1bn in gross written premiums.

The government is currently hammering out the final stages of a 10% standard corporate tax rate for all companies in the country.

Caruana said the new tax system would be unveiled next month and would be introduced in July next year.

At present certain companies in the offshore centre are exempt from tax.