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Guernsey Seeking Insurance Sector Expansion

by Jason Gorringe, Lowtax.net, London
09 December, 2016

The Guernsey Government has released the findings of a review into the significance of Guernsey's insurance sector and opportunities for future growth.

The report from the review, undertaken by PwC, said Guernsey's insurance sector employs about 775 professionals on the island – 11 percent of the finance industry total – and accounts for nearly 20 percent of financial industry output.

Peter Ferbrache, President of the Committee for Economic Development, said of the report: "The insurance sector in Guernsey has been, and will continue to be, a significant success story that provides a valuable contribution to the global insurance market, the local economy, and employment market. It is an innovative sector which offers first class opportunities for individuals, businesses and the island as a whole. The insurance sector has thrived in recent years with growth in employee numbers, numbers of licensed entities, profits, and contribution to the economy."

Evelyn Brady, Partner at PwC, added: "Our report highlights the value the insurance sector brings to the Bailiwick's economy - something that can at times be underestimated. We believe this review can change that. The opportunities for the sector to explore are quite varied and we are certain it is very well placed to take advantage of future growth opportunities. What's crucial now is for industry leaders, government, and stakeholders to work together to take proactive and progressive steps in order to realize these opportunities."

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