Guernsey performs well in global peer review of reinsurance and risk transfer

The Bailiwick of Guernsey has achieved a positive result in a recent International Association of Insurance Supervisors (“IAIS”) Peer Review Process (“PRP”) examining how insurers manage their use of reinsurance and other forms of risk transfer.

The objective of the IAIS PRP is to provide a point-in-time assessment of a jurisdiction’s supervisory and regulatory frameworks against the IAIS Insurance Core Principles (“ICPs”). It helps identify the nature and extent of any gaps and highlights areas where further enhancements could be considered. 

On  21 April 2026, the IAIS published results of its PRP of Insurance Core Principle 13 (“ICP 13”). ICP 13 is one of 25 ICPs that, collectively, form the globally accepted framework for insurance supervision. It sets supervisory expectations for insurers’ effective management of reinsurance and other forms of risk transfer. A total of 80 jurisdictions, including Guernsey, participated in this review.

The PRP concluded that Guernsey is Observed for ICP 13. This means the review team did not identify any major gaps in Guernsey’s observance of ICP 13, placing it alongside 26 other participating jurisdictions that achieved the highest level of assessment. Guernsey’s strong rating in this PRP reflects its reputation as a stable and expert financial centre, offering a robust foundation for insurers and reinsurers to plan confidently for the long term.