The number of insurance licences issued in Guernsey last year
was almost 25% more than during 2008.
Figures from the Island's financial services regulator, the
Guernsey Financial Services Commission (GFSC), show that there were
46 insurance licenses issued during 2009, compared to 37 new
entries to the market in the preceding twelve months.
"It is very positive that we are attracting increasing
amounts of new insurance business to the Island and thereby
retaining our position as the leading captive insurance domicile in
Europe and number four in the world," said Peter Niven, Chief
Executive of Guernsey Finance – the promotional agency
for the Island's finance industry.
"What we are seeing is that business introducers are
continuing to recognise Guernsey as a captive domicile offering
real quality in terms of service providers and professional
advisers, robust yet pragmatic regulation and high standards of
The GFSC statistics show that Guernsey now plays host to a total
of 678 international insurance entities. This comprises 355
international insurers – made up of 281 traditional
captives, 63 Protected Cell Companies (PCCs), 5 Incorporated Cell
Companies (ICCs) and 6 ICC cells. There are also 323 PCC cells,
split between 250 conventional PCC cells and 73 PCC cells writing
The Island's insurance sector has seen the value of business
increase markedly over the last five years. In 2003 the industry
had gross assets of £13bn, a net worth of £5.3bn and
premiums of £2.5bn. Now there are gross assets of
£21bn, a net worth of £7.1bn and premium written of
Mr Niven added: "While last year did see growth in new
business coming to the Island unfortunately we also had some
licenses surrendered – in particular a number of cells
reached the end of their insurance programmes. However, the figures
do show that irrespective of the number of licensed entities, we
are seeing consistent and sustained growth in the value of the
Island's insurance sector business. It is clear that Guernsey
continues to be recognised as a leading international insurance
"During 2010 Guernsey Finance, in conjunction with the
industry, will be pressing on with our efforts to market the
sector's offering through participation at conferences such as
Captive Live, the annual conferences of the British Insurance
Brokers' Association (BIBA) and the Association of Insurance
and Risk Managers (AIRMIC) and also Luxembourg Rendezvous as well
as again engaging heavily with journalists to get our message
across through the trade media. The industry does face challenges
but I am confident that during the year we can continue to build on
our position as a world-renowned leader for insurance
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.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).