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Sorin Colac
19 May 2016 Insurance

Brexit fears for Gibraltar insurance industry

With just weeks to go until the June referendum in the UK on whether the country should stay in the European Union, many outside the country are eyeing the polls worriedly. One place watching with particular concern is Gibraltar.

The peninsula at the mouth of the Mediterranean has been a British possession since it was seized from Spain in 1704 and is a Crown colony—a British possession with its own government.

Gibraltar covers a total area of just 2.6 square miles and is one of the smallest parts of the British state. Despite its size it remains an economically important part of the UK and its holdings, contributing £1.6 billion ($2.3 billion) in gross domestic product in 2014.

It also has a substantial insurance industry, which is watching the debate over the referendum carefully.

Rock of insurance

Michael Ashton, senior executive at Gibraltar Finance, part of the government of Gibraltar, points out that insurance is an important part of the economy of Gibraltar, with gross written premiums written by Gibraltar-based insurers expected to be in the region of £4 billion ($5.8 billion) for 2016, a sizable amount for what is a relatively small jurisdiction.

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