Gibraltar

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.

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.

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

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 

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 ....

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 ....

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.