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2009 Sees Rise In Insurance Licenses Issued In Guernsey,
by Robert Lee, Tax-News.com, London
Monday, February 01, 2010
The number of insurance licenses issued in Guernsey last year was almost 25%
more than during 2008, according to figures released
by the Island’s financial services regulator, the Guernsey Financial
Services Commission (GFSC).
The figures show that 46 insurance licenses were issued during 2009, compared to 37 in 2008.
“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 recognize
Guernsey as a captive domicile offering real quality in terms of service providers
and professional advisors, robust yet pragmatic regulation and high standards
of corporate governance.”
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 life insurance.
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
GBP13bn (USD21bn), a net worth of GBP5.3bn and premiums of GBP2.5bn. Now there are gross
assets of GBP21bn, a net worth of GBP7.1bn, and premium written of GBP3.3bn.
“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 programs. 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 recognized as a leading
international insurance center,” Niven concluded.
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