Guernsey Insurance IndustryGuernsey has an outstanding reputation for innovation and professionalism in the world of international insurance. With our ability to continually develop new concepts in an environment of creativity, consultation and robust and flexible regulation, we have become a major force in the international insurance industry and the leading European captive domicile.
The expertise that the island has built over many years, together with the strength and breadth of the financial services industry on the island will ensure that Guernsey maintains its position at the forefront of the insurance world.
A home for international insuranceThis website highlights why Guernsey is regarded as a centre of insurance excellence, provides an insight into the workings of this key industry sector and focuses on the risk management facilities that Guernsey also offers.
Guernsey is also home to a broad based and sophisticated finance industry which includes banking, fund management and fiduciary services. While each of these requires a degree of specialisation, they are also adept at working together to create powerful financial structures for private and institutional clients.
The Guernsey insurance sector can be broadly divided into two main areas
domestic insurance - comprises local insurers, overseas insurers, recognised insurers and intermediaries who advise on or arrange contracts of insurance in or from within Guernsey.
international insurance - embraces captive insurers, protected cell companies and life assurance companies who arrange contracts of insurance from within Guernsey, covering international risks.
These two areas of insurance business offer different services to their discrete target markets, but benefit in common from the positive insurance environment that Guernsey provides.
Why Guernsey?
A centre of insurance excellenceGuernsey's position as a first class location for insurance activity is based on a combination of positive factors:
Location
- Positioned outside EU legislation for insurance purposes but having special protocol with the European Union
- Close proximity to the London and European markets with a time zone compatible with the United Kingdom and Western Europe
- Recognised OECD territory
Governmental, regulatory and tax environment
- Modern legislation with an experienced, accessible regulatory body which enjoys international respect
- No value-added tax
- Unrivalled political stability, based on a constitution dating back to1205 with no political parties
Top class support services
- Excellent banking and investment facilities and a government committed to the expansion of the insurance industry
- Recognised technical experts in the insurance field together with international accountancy firms, actuaries and lawyers providing first-class support services
- An established legal system
Communications
- Regular and convenient communications by air and sea, permitting one-day business trips
- Efficient postal, data and telecommunications services
History
- The insurance industry in Guernsey has origins dating back to the eighteenth century
- Captive insurance companies have been incorporated in Guernsey since 1922
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