Industry experts highlighted the potential of the captive insurance industry in Guernsey as Europe’s largest captive domicile during the one-day conference, organised by the Guernsey International Insurance Association (GIIA) and Airmic.
The event titled ‘Positioning for the future’, which took place on 25 June at Pierre Park Hotel, Guernsey, featured a full schedule of sessions covering subjects such as disaster relief financing, parametric insurance, and the future of reinsurance markets.
In his welcome address on behalf of the Government of Guernsey, Deputy Mark Helyar highlighted: “Guernsey is Europe’s premier captive jurisdiction. We are a centre for innovation, and because of the unique constitutional relationship [with the UK], we have a very stable political and economic environment in which to do business.”
Meanwhile, Julia Graham, chief executive of Airmic, remarked: “Guernsey is an internationally recognised centre of finance and associated knowledge and expertise, including in the area of captives and associated risk financing solutions.”
Addressing the changing global risk landscape, Adele Gale, chairman of GIIA, notes: “Guernsey is front and centre of the global captive industry, and as corporations look to their risk divisions to help them build resilient strategies, the captive becomes one of the mainstream tools at their disposal.”
Guernsey is Europe’s largest captive jurisdiction, with 199 captives domiciled at the end of 2023. The island reported four new captives and nine new captive cells formed last year.
The jurisdiction is also the domicile of choice for 40 per cent of FTSE 100 companies, saving UK businesses almost £100 million and providing specific coverage to UK businesses.
