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The Insurance Industry in Guernsey, Key Trends and Opportunities to 2018

The Insurance Industry in Guernsey, Key Trends and Opportunities to 2018

Synopsis

Guernsey had the largest captive insurance industry in Europe in 2014, as well as the fourth largest in the world. In 2013, Guernsey’s major industries included tourism, finance and agriculture. The global financial crisis (2008–2009) and subsequent debt crisis in Europe had a negative impact on the overall economy. However, the insurance industry managed to grow at a review-period (2009–2013) compound annual growth rate (CAGR) of 5.1%. The non-life segment constitutes 56.2% of the total industry’s segment share in 2013.

Guernsey’s retail industry is an important driver of the economy and achieved robust growth during the review period. A taxation agreement was signed between Guernsey, Jersey and the Isle of Man to end tax avoidance and evasion in January 2013. According to the regulatory authority, the Guernsey Financial Services Commission (GFSC), 46 international insurance companies were licensed to operate insurance business in the first half of 2013.

Summary

The report provides in-depth industry analysis, information and insights into the insurance industry in Guernsey, including:

  • The Guernsey insurance industry’s growth prospects by insurance segment and category
  • The competitive landscape in the Guernsey insurance industry
  • The current trends and drivers in the Guernsey insurance industry
  • Challenges facing the Guernsey insurance industry
  • The detailed regulatory framework of the Guernsey insurance industry
Scope

This report provides a comprehensive analysis of the insurance industry in Guernsey:
  • It provides historical values for the Guernsey insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Guernsey insurance industry, along with forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It outlines the key regulations affecting the Guernsey insurance industry.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast industry data related to the Guernsey insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities in the Guernsey insurance industry.
  • Assess the competitive dynamics in the Guernsey insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Guernsey insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • The Guernsey insurance industry grew at a review-period (2009–2013) compound annual growth rate (CAGR) of 5.1%
  • Property insurance constituted 83.8% of the total non-life segment’s share in 2013
  • The Guernsey government and insurance regulator Guernsey Financial Services Commission (GFSC) applies no tax on corporate income, capital gains or payroll for insurers operating on the island
  • It is the fourth-largest captive domicile in the world, and was the largest captive domicile in Europe as of December 2014
  • The Guernsey insurance industry is supervised and regulated by the GFSC
  • Guernsey is not part of the European Union (EU), as such it is not obliged to implement the Solvency II regime in its insurance industry


  • Executive Summary
  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Guernsey Insurance Industry Overview
    • Guernsey Insurance Industry
      • Table Guernsey Insurance Gross Written Premium by Segment (GBP Billion), 2009-2013
      • Table Guernsey Insurance Gross Written Premium by Segment (US$ Billion), 2009-2013
      • Table Guernsey Insurance Gross Written Premium by Segment (GBP Billion), 2013-2018
      • Table Guernsey Insurance Gross Written Premium by Segment (US$ Billion), 2013-2018
      • Table Guernsey Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
      • Table Guernsey Insurance Direct Written Premium by Segment (GBP Billion), 2009-2013
      • Table Guernsey Insurance Direct Written Premium by Segment (US$ Billion), 2009-2013
      • Table Guernsey Insurance Direct Written Premium by Segment (GBP Billion), 2013-2018
      • Table Guernsey Insurance Direct Written Premium by Segment (US$ Billion), 2013-2018
      • Table Guernsey Insurance Segmentation by Direct Written Premium (% Share), 2009-2018
    • Key Industry Trends and Drivers
    • Challenges
  • Industry Segmentation
    • Life Insurance
      • Table Guernsey Life Insurance - Gross Written Premium (GBP Billion), 2009-2013
      • Table Guernsey Life Insurance - Gross Written Premium (GBP Billion), 2013-2018
      • Table Guernsey Life Insurance - Direct Written Premium (GBP Billion), 2009-2013
      • Table Guernsey Life Insurance - Direct Written Premium (GBP Billion), 2013-2018
      • Table Guernsey Life Insurance - Paid Claims (GBP Billion), 2009-2013
      • Table Guernsey Life Insurance - Paid Claims (GBP Billion), 2013-2018
      • Table Guernsey Life Insurance - Incurred Loss (GBP Billion), 2009-2013
      • Table Guernsey Life Insurance - Incurred Loss (GBP Billion), 2013-2018
      • Table Guernsey Life Insurance - Loss Ratio (%), 2009-2013
      • Table Guernsey Life Insurance - Loss Ratio (%), 2013-2018
      • Table Guernsey Life Insurance - Combined Ratio (%), 2009-2013
      • Table Guernsey Life Insurance - Combined Ratio (%), 2013-2018
      • Table Guernsey Life Insurance - Total Assets (GBP Billion), 2009-2013
      • Table Guernsey Life Insurance - Total Assets (GBP Billion), 2013-2018
      • Table Guernsey Life Insurance - Total Investment Income (GBP Million), 2009-2013
      • Table Guernsey Life Insurance - Total Investment Income (GBP Million), 2013-2018
      • Table Guernsey Life Insurance - Retentions (GBP Billion), 2009-2013
      • Table Guernsey Life Insurance - Retentions (GBP Billion), 2013-2018
      • Table Guernsey Life Insurance - Total Investment (GBP Billion), 2009-2013
    • Non-Life Insurance
      • Table Guernsey Non-Life Insurance - Gross Written Premium by Category (GBP Billion), 2009-2013
      • Table Guernsey Non-Life Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
      • Table Guernsey Non-Life Insurance - Gross Written Premium by Category (GBP Billion), 2013-2018
      • Table Guernsey Non-Life Insurance - Gross Written Premium by Category (US$ Billion), 2013-2018
      • Table Guernsey Non-Life Insurance - Direct Written Premium by Category (GBP Billion), 2009-2013
      • Table Guernsey Non-Life Insurance - Direct Written Premium by Category (US$ Billion), 2009-2013
      • Table Guernsey Non-Life Insurance - Direct Written Premium by Category (GBP Billion), 2013-2018
      • Table Guernsey Non-Life Insurance - Direct Written Premium by Category (US$ Billion), 2013-2018
      • Table Guernsey Non-Life Insurance - Paid Claims (GBP Billion), 2009-2013
      • Table Guernsey Non-Life Insurance - Paid Claims (GBP Billion), 2013-2018
      • Table Guernsey Non-Life Insurance - Incurred Loss (GBP Billion), 2009-2013
      • Table Guernsey Non-Life Insurance - Incurred Loss (GBP Billion), 2013-2018
      • Table Guernsey Non-Life Insurance - Loss Ratio (%), 2009-2013
      • Table Guernsey Non-Life Insurance - Loss Ratio (%), 2013-2018
      • Table Guernsey Non-Life Insurance - Combined Ratio (%), 2009-2013
      • Table Guernsey Non-Life Insurance - Combined Ratio (%), 2013-2018
      • Table Guernsey Non-Life Insurance - Total Assets (GBP Billion), 2009-2013
      • Table Guernsey Non-Life Insurance - Total Assets (GBP Billion), 2013-2018
      • Table Guernsey Non-Life Insurance - Total Investment Income (GBP Million), 2009-2013
      • Table Guernsey Non-Life Insurance - Total Investment Income (GBP Million), 2013-2018
      • Table Guernsey Non-Life Insurance - Retentions (GBP Billion), 2009-2013
      • Table Guernsey Non-Life Insurance - Retentions (GBP Billion), 2013-2018
      • Table Guernsey Non-Life Insurance - Total Investment (GBP Billion), 2009-2013
      • Property insurance
        • Table Guernsey Property Insurance - Gross Written Premium (GBP Billion), 2009-2013
        • Table Guernsey Property Insurance - Gross Written Premium (GBP Billion), 2013-2018
      • Motor insurance
        • Table Guernsey Motor Insurance - Gross Written Premium (GBP Million), 2009-2013
        • Table Guernsey Motor Insurance - Gross Written Premium (GBP Million), 2013-2018
      • Liability insurance
        • Table Guernsey Liability Insurance - Gross Written Premium (GBP Million), 2009-2013
        • Table Guernsey Liability Insurance - Gross Written Premium (GBP Million), 2013-2018
      • Marine, aviation and transit insurance
        • Table Guernsey Marine, Aviation and Transit Insurance - Gross Written Premium (GBP Million), 2009-2013
        • Table Guernsey Marine, Aviation and Transit Insurance - Gross Written Premium (GBP Million), 2013-2018
    • Personal Accident and Health Insurance
      • Table Guernsey Personal Accident and Health Insurance - Gross Written Premium (GBP Million), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Gross Written Premium (GBP Million), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Direct Written Premium (GBP Million), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Direct Written Premium (GBP Million), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Paid Claims (GBP Million), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Paid Claims (GBP Million), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Incurred Loss (GBP Million), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Incurred Loss (GBP Million), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Total Assets (GBP Million), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Total Assets (GBP Million), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Total Investment Income (GBP Million), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Total Investment Income (GBP Million), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Retentions (GBP Million), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Retentions (GBP Million), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Total Investments (GBP Million), 2009-2013
      • Personal accident insurance
        • Table Guernsey Personal Accident Insurance - Gross Written Premium (GBP Million), 2009-2013
        • Table Guernsey Personal Accident Insurance - Gross Written Premium (GBP Million), 2013-2018
      • Health insurance
        • Table Guernsey Health Insurance - Gross Written Premium (GBP Million), 2009-2013
        • Table Guernsey Health Insurance - Gross Written Premium (GBP Million), 2013-2018
    • Reinsurance
      • Table Guernsey Reinsurance - Ceded by Insurance Segment (GBP Million), 2009-2013
      • Table Guernsey Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
      • Table Guernsey Reinsurance - Ceded by Insurance Segment (GBP Million), 2013-2018
      • Table Guernsey Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
      • Table Guernsey Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
      • Table Guernsey Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
      • Table Guernsey Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
      • Table Guernsey Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
      • Table Guernsey Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
      • Table Guernsey Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
  • Governance, Risk and Compliance
    • Legislation Overview and Historical Evolution
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Guernsey - Life Insurance Regulatory Framework
      • Property insurance
        • Table Guernsey - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Guernsey - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Guernsey - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Professional indemnity insurance for insurance managers and intermediaries
      • Third-party liability insurance for surfboards
      • Third-party liability insurance for vessels and speedboats
      • Third-party liability insurance for steam boilers
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • Guernsey Financial Services Commission (GFSC)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table Guernsey - Minimum Capital Requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
        • Table Guernsey - Annual Fee
        • Table Guernsey - Application Fee
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Guernsey - Corporate Tax Rates for the Financial Year 2013
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Competitive Landscape
    • Overview
      • Table Guernsey Captive (International) Insurers, 2014
  • Macroeconomic Indicators
    • GDP at Constant Prices (US$)
    • GDP per Capita Constant Prices (US$)
    • GDP at Current Prices (US$)
    • Male and Female Population (Percentage of Total)
    • Total Population
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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