Gibraltar Finance – which is part of the Gibraltar Government – and trade association Insurtech UK have agreed to a ‘Statement of Intent’ that commits the two parties to work together on promoting the British Overseas Territory’s insurance market.
What does the agreement cover?
Included in the Statement of Intent, as reported by the Gibraltar Chronicle, is a year-long plan to raise awareness of opportunities for UK-based insurtech businesses in Gibraltar, encompassing working groups and trade missions.
A Government spokesperson said in a statement that the agreement would enable Insurtech UK to secure improved access to this important regulatory market for all 115 of its members.
For Gibraltar, meanwhile, the partnership is said to be a significant one for showcasing its reputation as an ever-more important financial services hub in Europe, as it looks to help boost the numbers of UK businesses getting involved in this market.
In accordance with the Statement of Intent, Insurtech UK and Gibraltar Finance will look to work together to heighten awareness, promote opportunities, and make relevant individuals in the Gibraltar Government and broader insurance market directly accessible.
Making the most of the opportunities in the Gibraltar insurance sector
Putting their signatures to the agreement were Luisa Barile and James York, co-chairs of Insurtech UK, and Albert Isola, the Gibraltar Government’s digital and financial services minister.
Ms Barile and Mr York said of the new arrangements: “When looking at new markets and a daunting authorisation process, often the most time-consuming part is finding the right people to talk to, getting boots on the ground and having access to the best information to understand the market and the opportunities for your business.
“We are confident that this Statement of Intent opens up a lot of opportunities for our members to better understand the market and to accelerate future authorisations.”
Mr Isola added: “It is a pleasure for HM Government of Gibraltar to have entered into the Joint Statement of Intent with Insurtech UK.
“I hope our cooperation with Insurtech UK will lead to opportunities for Gibraltar to support and facilitate the activities of UK insurtechs as they build and develop their business strategies.”
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