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.
A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
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