Originally published as the introduction to the Captive
Review, Guernsey Report, October 2008
A very warm welcome to the Captive Review Guernsey Special
Report 2009; since writing in last year's edition,
Guernsey has continued to see expansion in its international
insurance industry despite our maturity, increased competition and
turbulent market conditions.
I am pleased to say that the aforementioned challenges have not
prevented Guernsey retaining its place as the number one captive
insurance domicile in Europe and it remains fourth in the world in
terms of premium written. We are also seeing continuing
diversification; both in terms of the risk being covered and the
geographic origin of business.
Figures released by the Guernsey Financial Services Commission
(GFSC) now put the number of international insurance entities at
more than 700, with 365 international insurers and 354 insurance
cells. These impressive numbers include the world's first local
authority captive – the Gold Coast City Council Insurance
Guernsey's pioneering Protected Cell Company (PCC) and
Incorporated Cell Company (ICC) structures also continue to go from
strength to strength. The PCC was introduced in 1997, followed by
the ICC in 2006, and there are now more than 70 PCCs established on
the island, with last year also seeing the emergence of the
jurisdiction's first insurance-writing incorporated cells.
Particularly through our relationship with the British Insurance
Brokers Association (BIBA), the island continues to highlight how
the cell company structure enhances the viability of self-insurance
for the SME market.
Furthermore, as part of our promotion of financial products and
services in emerging markets, we have been working with Chinese
regulators to introduce China to captives and showcase
Guernsey's industry and regulatory expertise.
One of our key brand messages in all of this activity is that
the island boasts mature insurance law yet always ensures that it
is enhanced to meet the evolving needs of the marketplace. This
year we have completed a thorough review and made several changes
in order to maintain our tradition of having modern insurance
Guernsey has also begun to market its heritage as a key
attraction for European reinsurance operations looking to establish
themselves on the island. This has coincided with Barbican
Reinsurance Company Limited becoming the first major commercial
reinsurer in the domicile. It is now planned to host a Guernsey
reinsurance seminar in London on 11 November.
This is the day before the main promotional event of the year
for our insurance industry – the Guernsey Insurance Forum
2008, which takes place on Wednesday 12 November 2008 at the Queen
Elizabeth II Conference Centre in London. This event promises to be
topical, insightful and stimulating and, like this report, will
provide a comprehensive look at the current state of the
In this publication, we address how Dubai is leading the way in the application of technology to its healthcare insurance system and how the health insurance law is developing around these initiatives.
The European Insurance and Occupational Pensions Authority published a consultation paper on Implementing Technical Standards on the standardisation of the presentation of the insurance Product Information Document.
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
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