The Economic Development Committee said the review, conducted in association with Cutts-Watson Consulting, would help in the development of a strategic plan with clear actions and priorities to develop the sector – which accounts for a sizeable chunk of the finance industry’s economic output.
Among the review’s recommendations were increasing the promotion of the sector internationally – including its rising stake in green issues – as well as undertaking in-depth competitor analysis and extending its sustainable framework to include all insurers. Pursing regulatory accreditation in jurisdictions where it would benefit local insurers, amending the data protection law to give a carve-out for insurers, and publishing more detailed and frequent sector data were other recommendations.
‘Guernsey’s insurance sector has proven itself to be innovative, and successful, despite difficult market conditions and the impact of Covid,’ said Economic Development committee member Deputy Nick Moakes.
‘It demonstrates a significant success story and a sector which is a world leader in providing new solutions to meet clients’ needs. The implementation of the review’s recommendations, by all stakeholders, will benefit the economy and the profitability of this sector.
‘It could also facilitate growth in employee numbers and the number of licensed entities on the island.’
Deputy Moakes said his committee recognised the importance of the sector and would work with, and support, stakeholders to implement the recommendations. He also thanked those who contributed to the review.
Malcom Cutts-Watson, chairman of CWC, said the review came at an ‘opportune time’ with global insurance markets under severe strain as a result of tough market conditions and the impact of the pandemic.
‘A range of opportunities have been identified to further strengthen Guernsey’s insurance proposition by enhancing the client experience, expanding the range of products and services offered and opening up new markets.
‘The recommendations contained within the review provide a blueprint for immediate and longer-term growth,’ he said.
Mark Elliott, chairman of the Guernsey International Insurance Association, thanked the States and ED for facilitating the review – which he said would enhance the island’s long-standing position as the leading specialist insurance centre in Europe.
‘We look forward to working with all stakeholders in this process to implement the recommendations and keep Guernsey at the forefront of insurance innovation going forwards,’ he said.
Local and off-island experts contributed to the review, which updated one carried out by PwC in 2016.