Five Gibraltar insurers receive Insurance DataLab Underwriting Gold Awards this year, with One Insurance and Casualty and General Insurance (Europe) completing the top three.
The latest analysis also points to a strong year for the Gibraltar market more broadly, with its aggregate combined operating ratio (COR) outperforming the UK and improving considerably over the past 12 months.
Insurance DataLab’s Underwriting Ratings analyse insurers across three key measures of underwriting performance: current COR, three-year aggregate COR and improvement in COR over the latest 12 months.
This approach looks beyond performance in any single year, providing a more robust assessment of underwriting performance by considering current profitability alongside longer-term results and recent improvement.
Admiral tops the Gibraltar rankings with an overall Underwriting Rating of 72.0%, earning its first Insurance DataLab Gold Award.
The insurer reported a COR of 83.3% for 2025/26, improving from 92.4% a year earlier, while its three-year aggregate COR stood at 88.8%.
This combination of strong current profitability, longer-term performance and year-on-year improvement helped Admiral secure the number one position.
One Insurance ranks second with an overall rating of 66.4%, also securing its first Insurance DataLab Gold Award. Its latest COR of 80.0% was the strongest among this year’s Gibraltar Gold Award winners, while its three-year aggregate COR stood at 80.8%.
Casualty and General Insurance (Europe) also achieves an overall rating of 66.4%, after improving its COR by 3.3 percentage points to 92.5% in 2025/26. Its three-year aggregate COR stood at 94.7%.
Two previous winners complete this year’s Gold Award cohort.
AA Underwriting secures its second consecutive Gold Award after also featuring among the winners in 2025. Its latest COR improved from 94.8% to 93.0%, with a three-year aggregate COR of 98.6%.
Nelson returns to the Gold Award list after previously topping Insurance DataLab’s Gibraltar Underwriting Ratings in 2023. It receives an overall rating of 65.1%, supported by a latest COR of 95.8% and a three-year aggregate COR of 96.7%.
Gibraltar outperforms the UK
The latest results also highlight a significant improvement in underwriting performance across the wider Gibraltar market.
The aggregate COR for Gibraltar-regulated insurers stood at 89.2% in 2025/26, compared with 95.2% for the UK market – a difference of six percentage points.
Both markets improved year on year, but the improvement was considerably stronger in Gibraltar.
Gibraltar’s aggregate COR improved by 5.4 percentage points from 94.6% in the previous year, while the UK market improved by 1.8 percentage points from 97.0%.
The results underline the strength of Gibraltar’s latest underwriting performance, with the gap between the two markets widening over the past 12 months.
Gibraltar Underwriting Gold Award winners 2026
- Admiral – 72.0%
- One Insurance – 66.4%
- Casualty and General Insurance (Europe) – 66.4%
- AA Underwriting – 65.2%
- Nelson – 65.1%
Benchmark your underwriting performance with Insurance DataLab
Insurance DataLab subscribers can access detailed Underwriting Ratings and performance data across the Gibraltar, UK and Irish insurance markets, enabling insurers to benchmark their performance against competitors and understand how they compare across underwriting profitability, longer-term performance and improvement.
The platform brings together underwriting, solvency, claims, complaints and other performance data in one place, providing an independent view of individual insurers and the wider market.
For brokers, the same data can also support insurer selection and ongoing monitoring, providing independent evidence to help inform placement decisions and deliver better customer outcomes.
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