The Association of British Insurers (ABI) and Gibraltar Insurance Association (GIA) have signed a memorandum of understanding (MoU) to promote cooperation and mutual understanding between the two organisations.
The agreement builds on their current working partnership and cements the intent to coordinate views on key products and issues impacting respective insurance markets and share information on issues of common interest.
As the voice of the UK insurance and long-term savings sector, the ABI represents more than 300 member companies including most household names and specialist providers.
The GIA represents all the diverse elements of the insurance industry in Gibraltar, including insurance and reinsurance companies, insurance company managers and life and general insurance intermediaries within its membership.
The two trade associations have long worked together, with Gibraltar-based insurers playing a significant role in UK markets. Through this MoU they have agreed to, when appropriate, exchange information concerning key products, such as motor, home, and pet insurance. They will also coordinate views and approaches on key issues where there is mutual interest and benefit, and will share relevant networking, hosting, or learning and event opportunities to support their members.
Nigel Feetham KC MP, Minister for Justice, Trade and Industry for HM Government of Gibraltar commented:
“I note that the ABI and the GIA have entered an MOU further cementing the already excellent relationship the respective trade bodies enjoy. HM Government of Gibraltar is supportive of strong links between leading representative bodies and the Gibraltar industry for the furtherment of mutual goals.”
Hannah Gurga, ABI Director General, said:
“Our two organisations have a lot in common – from the products our respective members offer to our commitment to support customers. By sharing information and views on crucial areas of interest we’ll be able to amplify our messages and further deliver for our members.”
Paul Cole, Chair of the GIA said:
“On behalf of the GIA and its members I am delighted that we have entered into the MoU with the ABI. A significant amount of UK personal lines insurance business is underwritten by Gibraltar insurers, and so it is important the GIA works with the ABI on areas of common interest to promote the insurance industry.”