Speaking at the Manx Insurance Association's annual dinner last week, newly appointed Chairman, David Schuster warned that a paradigm shift in the way financial centres such as the Isle of Man are viewed, volatility on the investment markets, and changes to accountability and corporate responsibility regimes on an international level, will all have a significant impact on the Island's insurance sector.
''All these factors mean that the Isle of Man and its finance sector needs to change to survive,' he told the assembled MIA members, adding that: 'The importance of the insurance industry, government, and our regulators working closely together to manage the dynamics of this change cannot be underestimated.'
According to the Isle of Man Online news service, which reported on the dinner, the Manx insurance industry currently employs some 2,500 staff and spends over £180 million in the Island per year; a significant contribution to the jurisdiction's economy.
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