The Gibraltar Insurance Association is the Gibraltar insurance industry’s recognised industry body. It was established in its original form in 1997, in the context of Gibraltar’s accession to the Single European Market for insurance, and the recognition of the opportunities for growth that offered Gibraltar as an insurance domicile.
Gibraltar in those days accommodated no more than a dozen insurance companies, which has now grown to over 60 companies.
The GIA (then the Association of Gibraltar Insurers and Managers, or AGIM) and its core members at the time were very instrumental in the marketing of Gibraltar as an insurance domicile. They worked closely with Government, who had only recently set up their Finance Centre department which employed the services of Anthony Fisher to fully take advantage of Gibraltar’s developing position in Europe. Once Gibraltar had access to the single European market, the gloves were off, and AGIM lobbied Government not only for marketing impetus, but also on various legislative issues of the day, working closely also with the Financial Services Commission.
Most notable of these was the passing of the Protected Cell Companies Ordinance in 2001, which led major players to establish in Gib, and not only opened up opportunities in a new area of business for Gibraltar (being the only domicile within Europe at the time that had such ground-breaking legislation in place), but also set a marker for the insurance world at large that Gibraltar’s doors were open for business with serious intent!