Guernsey Press

Insurance sector to go green

STEPS to boost green investment in the insurance sector are under consideration as Guernsey looks to become a leader in the field.

Guernsey Finance’s Andy Sloan. (21154617)

The Guernsey Financial Services Commission is examining how it could amend its approach to regulatory life insurance solvency requirements to facilitate green investments.

As part of that, the regulator is seeking to work with the global insurance industry and other interested parties.

The GFSC wants to look at how to make it easier for firms to access long-term investments, which in turn help insurance companies offer sustainable long-term returns to policyholders.

The second goal is to widen the pool of purchasers for green investments to help protect the global environment.

The details come as work continues on a new development strategy for the island’s financial services sector, including the launch of a new initiative known as the Guernsey Green Fund.

‘The potential for green and sustainable finance is enormous and streams into major global initiatives,’ said Andy Sloan, acting director of strategy at promotional agency Guernsey Finance.

‘Action in this area builds on Guernsey’s strengths and expertise in private equity and infrastructure, supports other initiatives in areas such as impact investing, and supports a general repositioning of the island’s financial services offer.’

Dr Sloan added: ‘Guernsey uniquely has the skill sets and expertise necessary to create the conditions for the rapid development of a market in green financial services in the jurisdiction.’