Insurance business in Guernsey
Guernsey is perhaps best known as one of the world’s leading captive centres; offering a domicile for self-insurance for firms.
These firms are mainly located in the UK but a significant portion of the Guernsey captive industry originates from around the globe.
Apart from captives, Guernsey is also recognised as being a centre for reinsurance and insurance linked securities; offering in particular collateralised catastrophe reinsurance. Guernsey also serves ex-patriates especially for life and health insurance. Finally, Guernsey houses several local general insurance businesses serving both the local and international communities. Guernsey pioneered the protected cell company and more recently has seen growth in the use of the incorporated cell company, not least for the transfer of longevity risk for pension funds.
The Commission regulates insurance managers, who facilitate insurance business, and insurance intermediaries, mostly covering local broker requirements.
At the last third party review by the IMF in 2010, Guernsey was observant or largely observant in all but one of the international core principles.
Guernsey plays an active role in the International Association of Insurance Supervisors (IAIS) and currently chairs the Group of International Insurance Centres Supervisors (GIICS).