Guernsey Insurance Industry Grew in 2014
by Jason Gorringe, Lowtax.net, London
23 January, 2015
Guernsey's insurance sector fared well in 2014, with 85 licenses newly granted to international insurers, figures from the Guernsey Financial Services Commission show.
The latest figures show that there were a total of 797 international insurers licensed in Guernsey at the end of 2014. This compares with a total of 758 licensed international insurers in 2013 – a net growth of 39 entities.
The newly licensed entities mainly originated from the UK and Ireland (48 percent) and the Cayman Islands (29 percent).
Insurance Linked Securities (ILS) was the most significant subsection of Guernsey's insurance industry (45 percent), followed by property insurance (13 percent), life/health insurance (8 percent), and After the Event (ATE) legal expense (7 percent).
Dominic Wheatley, Chief Executive of Guernsey Finance, said: "These figures show that last year was very successful for Guernsey as an international insurance center. We continue to see growth in new entities related to ILS transactions but also a steady stream of more conventional captive insurance vehicles."
"Much of our business continues to originate from the UK, but the figures show the truly international nature of our client base, with a growing number coming from domiciles in Europe and much further afield."
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