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The GFSC sets out their areas of focus for 2024 and reflects on their 2023 key themes for insurers in Gibraltar.
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The GFSC has identified and prioritised (PDF - 748kB) the following topics:
- Consumer duty & conduct;
- Operational resilience, technology;
- Data ownership & security;
- Thematic reviews.
Consumer duty & conduct
- As a result of their assessment on the Conduct Risk Framework of 8 companies last year, the GFSC concluded that a stronger focus on conduct is required in 2024.
- Insurers are urged to focus on Fair Value and Customer Support to ensure they meet Consumer Duty expectations.
- The GFSC’s Future strategy is to remain customer centric.
Operational resilience
- Establishment of GAR continues to be a priority for GFSC.
- By July 2024, firms must comply with Operational Resilience requirements.
- By July 2026, all firms must demonstrate they can remain within their impact tolerance for their identified Important Business Services.
- Mapping and scenario testing programme should also have commenced.
Technology, data ownership & security
- Technology’s rapid growth creates the need for the GFSC to monitor and supervise technology, resilience, security, cyber and governance and control for all regulated entities as part of its licencing regime.
- The GFSC stresses the importance of ensuring compliance with data protection regulations and maintaining consumer protection.
- Firms are encouraged to embed ethical data management and security governance.
Thematic reviews
The GFSC announced there will be several planned thematic reviews this year. These thematic reviews will focus on:
- Operational resilience – desk based;
- Consumer Duty;
- Pricing and underwriting;
- Oversight of claims outsourcing;
- Data and cyber.
The Thematic Reviews listed above are due to conclude in 2024 with feedback provided in Q1 2025.
Supervisory approach
- The GFSC outlined their Risk based approach to supervision.
- Firms are tiered based on their impact. All firms have a risk assessment at intervals that forms the basis of the supervisory tasks for those firms.
- The GFSC aims to spend 25% of their time doing thematic work. This will consist of onsite review and desk-based supervision.
- The GFSC discuss the contrast of Systemic Firm Supervision and Intense Supervision.
2024 supervisory priorities carried from 2023
The GFSC reiterated their 2023 areas of focus below:
- Inflation.
- Group Supervision.
- Premium Debtors.
- Claims Reviews.
- Reinsurance & Sliding Scales.
- Regulated Individuals.
Next steps
The release of these priorities by the GFSC emphasises their intention to more heavily regulate and supervise the ever evolving and complex (re)insurance sector.
Firms should anticipate continued and increased involvement from their supervisory teams concerning each priority.
For comprehensive advice and support in navigating the risks and challenges facing this sector talk to us today.
Authors
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Bradley Chadwick Bradley leads the Grant Thornton Gibraltar advisory practice, where he leverages his experience as an advisor, CFO, COO and interim manager to support clients with strategic, regulatory, transactional and restructuring matters.View Profile -
Neal Taylor Neal was appointed as audit partner in Grant Thornton in 2016. Prior to this he was an audit partner in a mid-tier practice for nine years, where he developed a broad client base.View Profile -
Freddie White Freddie has been in practice for over 30 years and is the Managing Director of the Grant Thornton Group of companies in Gibraltar. A native of Northern Ireland, Freddie has developed Grant Thornton’s practice into one of Gibraltar’s premier accounting firms.View Profile