In 2012 gross assets, net worth and gross premiums all marginally rose in nominal terms.
These overall figures mark some growth in General (Non-Life) and some decline in niche Life areas. This growth arises from:
· Increased premium levels for existing and new international insurers;
· Capitalisation of newly formed insurers
· Capital contributions from the parents of existing insurers
· Profitability of both new and existing lines of business.
Overall solvency levels for General (Non-Life) business remains well above the regulatory minimum at 1878% (2011: 2038%)
97 new international insurers were formed in 2012, although the full impact of these are not recognised in the 2012 statistics as the majority of these insurers do not account for their first financial results until 2013.
The Life sector remained static in terms of Gross Assets held but Net Worth and Premiums fell approximately 10% in nominal terms due to a combination of dividend payments, operational losses and reduced level of business in specific markets. In addition the year on year strengthening of sterling against the Euro dampened the Life insurer results.
Overall solvency levels of Life insurers remained strong at 501% (2011:459%).
Please use the following link to the table and graphs which set out end-2012 Guernsey insurance results.