Ideas put forward for insurance sector growth

IDEAS to grow the island’s insurance sector have been put forward in a new report commissioned by the States of Guernsey.

Dom WheatleyCROP
Guernsey Finance chief executive Dominic Wheatley speaking at the Guernsey Insurance Forum 2016 in London in September. (Picture by Adrian Pope)

In the latest of a series of industry-specific reports for areas within the finance sector, the Committee for Economic Development asked accountants PwC to examine the insurance sector.

The firm has made a number of recommendations, including drawing up new laws for alternative reinsurance, establishing a wider sector forum, increased promotion, including the London event which Guernsey Finance ran in September, and targeting key people within the international industry for a direct pitch about the island and its offering, which it is hoped could start a ‘domino effect’.

PwC partner Evelyn Brady described some of the recommendations as ‘necessarily ambitious’.

‘The offshore insurance market is increasingly competitive and the island cannot afford to rely on reactive changes to keep pace.

‘With cellular company legislation, Guernsey set a precedent for what the introduction of cutting-edge innovation can achieve.

‘The opportunity in alternative, pensions longevity risk, rated and general reinsurance is particularly evident. They demand a clear statement of intent from the island through continuing strategic legislative and regulatory enhancements, expanded promotional activity and investment in industry talent.’