Guernsey’s Insurance Industry is faring well, says local practitioner.

Isle News, 29 May 2009 – Guernsey’s Insurance Industry is holding up well despite the global recession, according to Peter Child at the Heritage Group.

Speaking after sitting on the panel at Guernsey Finance’s ‘Captive Insurance – beat the trend’ seminar in London in May, Peter said that managers across the board in Guernsey were experiencing a marked increase in interest in captives.

Peter attributes this surge in business enquiries to a number of factors. He explained:
“A perception that the insurance markets are hardening has led to an increased interest in the formation of captives.  A lot of the preparatory work that has been undertaken by the captive insurance fraternity in Guernsey during the softer market is now paying off. The Guernsey Financial Services Commission has seen more applications for captives this year than it had at this stage in the past three years, which is great news for the Insurance Industry.”

While some rival offshore jurisdictions are reporting decreasing levels of business, notably in the Caribbean, Guernsey has not been adversely affected. The Island was recently listed as the fourth largest captive jurisdiction in the world and the biggest in Europe, according to the trade magazine Business Insurance.

Peter added that the political stability of the island, and Guernsey’s established history of the provision of captive management services had always been an attraction for captive owners.  Being placed on the white list following the G20 summit had raised Guernsey’s profile as a safe and transparent domicile in which to do business, and strengthened Guernsey’s position as the premier European captive domicile.

Related posts:

1. Visitors to UK should check their insurance Isle News, 24 March 2009 – Guernsey Citizens Advice Bureau...
2. Wave Telecom acquires Newtel Guernsey Limited Isle News, 26 August 2009 – Wave Telecom, part of...
3. EU GAS BAN FORCES LOCAL AIR-CON OVERHAUL Isle News, 5 June 2009 – A leading local facilities...
4. NEW BOOK ON WARTIME GUERNSEY – A CHILD’S WAR BY MOLLY BIHET Isle News, 16 April 2009 – A Child’s War, by...
5. GUERNSEY SENIORS HEAD SOUTH TO JERSEY Isle News, 9 September 2009 – Guernsey’s leading senior golfers...

(No Ratings Yet)

 Loading ...