Guernsey is seeing increasing numbers of applications for
The Guernsey Financial Services Commission (GFSC) has reported
that although 2009 began a little quietly, applications for
insurance licences have shown a marked increase since April.
Figures from the GFSC show that during the first five months of
the year it received 14 licence applications, six of which have
been for pure captives. This is significantly up from the nine
applications made during the first five months in 2008, although
comparable with those for the same period in 2006 and 2007.
"This is extremely positive news for Guernsey's
insurance industry," said Peter Niven, Chief Executive of
Guernsey Finance – the promotional agency for the
Island's finance industry.
"Undoubtedly conditions in the commercial markets, such as
increasing premium rates and the threat of a further hardening in
the future, are stimulating interest in alternatives, such as
captives. Nevertheless you still have to be ready to capitalise on
these developments because there are a growing number of
competitors who are looking to win this business."
The GFSC has also revealed that expressions of interest about
applications to be made in the next few months appear to indicate
that the recent improvement is set to continue.
Richard Walker, Director of Policy and International Affairs at
the GFSC, said: "While Guernsey remains Europe's leading
captive jurisdiction, and captives continue to be a major part of
the new business in our insurance market, a broader range of
insurance vehicles also continue to be formed here."
Mr Niven added: "Guernsey is able to benefit from its
position as being the number one captive domicile in Europe and
fourth in the world but we have also been working very hard to
highlight the benefits of the island. For example, we held two
seminars in London during May to showcase our attractions for
captives and also reinsurance and related business.
"The latest figures from the GFSC indicate that the work of
the Guernsey insurance community to market the Island certainly
seems to be paying dividends. I have also received feedback that
local service providers are receiving strong inquiries off the back
of the promotional activity we have been carrying out so the
prospects for the coming months look promising.
"These sorts of developments give us all a boost and
certainly we will be continuing to push out our messages to key
decision makers so that we can try and capitalise on this positive
start to 2009."
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