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Gibraltar

Life Report

Product Insurance Market Reports Life Rev Gibraltar

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Gibraltar's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Gibraltar's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Gibraltar

The Gibraltar life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Gibraltar.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Gibraltar and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Gibraltar’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Gibraltar is available.

Axco’s report describes the regulatory framework that applies to Gibraltar's domestic life insurance sector, including whether non-admitted insurance is permitted in Gibraltar; as well as the legislation necessary to know regarding Gibraltar’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Gibraltar with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Gibraltarian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Gibraltar, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Gibraltarian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Gibraltar report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Gibraltar Life and Benefits Report Extract

Below are brief extracts of information from the Gibraltar Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Despite the territory being under a prolonged lockdown due to the COVID-19 pandemic, only lifted in March 2021, there have been no specific consequences in the life insurance market. A minimal increase in the death rate occurred, primarily as a result of the virus spreading through the geriatric facility of Mount Alvernia. Equally the health insurance industry was not troubled for the few individuals or groups who avail of private healthcare schemes, whilst the public health facility of St Bernard's Hospital was not unduly challenged due to the rapid and efficient implementation of ....

Pensions

Occupational pension schemes are growing in number gradually with the influx of more commercial activities, especially in the online gaming sector. Those with an insurance element are not numerous, however, and such schemes as there are, tend to be in cash accumulation funds with defined contributions (DC). The government passed the Private Sector Pensions Act in July 2019, to come into force as soon as possible. It will, however, be phased in over six years, starting on or before 1 July 2021 for "Enterprise employers", with 251 or more employees, as opposed to the various size definitions in the Companies Act 2014 ....

Healthcare

Despite the territory being under a prolonged lockdown due to the COVID-19 pandemic, only lifted in March 2021, there have been no specific consequences in the life insurance market. A minimal increase in the death rate occurred, primarily as a result of the virus spreading through the geriatric facility of Mount Alvernia. Equally the health insurance industry was not troubled for the few individuals or groups who avail of private healthcare schemes, whilst the public health facility of St Bernard's Hospital was not unduly challenged due to the rapid and efficient implementation of the vaccination regime.

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