Finance Isle of Man, the executive agency dedicated to further developing the Island’s financial services sector, has launched a digital marketing campaign to promote its captive insurance offering. The campaign will highlight the benefits of establishing a captive on the Isle of Man (IOM) such as a regulatory and legal infrastructure. It will also highlight the collaboration between the IOM Government, regulator and industry enabling the sector to adapt to the demands of the ever-evolving insurance market. Captive law in the IOM has been present since 1986. At the end of 2019, IOM was home to 102 captive insurance companies. IOM’s insurance industry contributes 19.2 per cent to the GDP, making it the largest financial services sector on the island. Commenting on the campaign, Simon Pickering, head of insurance and pensions, Finance Isle of Man, said: “We remain committed to supporting our financial and professional services industry which has continued to thrive and serve its international client base, despite the challenges and disruption due to the pandemic.” Nick Gale, chair, Isle of Man Captive Association (IOMA), notes: “The association is completely supportive of the campaign and we will continue to work closely with Finance Isle of Man to promote the Island as a captive domicile.” “We have a positive outlook for the IOM’s captive insurance sector as we are seeing a huge amount of interest and a very promising pipeline, driven by the significant hardening of the conventional insurance market,” Gale adds. To find out more about the IOM, read Captive Insurance Times’ latest interview with the IOMA’s Ross Dennett as he discusses why the delay to the domicile’s insurance regulation updates will allow more time for enhanced quality of implementation.
