Insurance licenses in Guernsey increase 50% in 2011
From Life Jan 17 2012 BY: Simon Danaher
, Online News Editor
, International Adviser
The number of insurance licenses issued in Guernsey in 2011 increased by more than 50% compared to the previous 12 months, according to data from the Guernsey Financial Services Commission.
The GFSC said it gave licenses to 72 international insurance companies last year, a 53% increase on the 47 approved during 2010. The increase has pushed the net number of international insurance entities licensed in Guernsey up by 12, from 675 at the end of 2010 to 687 at the close of 2011.
Fiona Le Poidevin, deputy chief executive of promotional body Guernsey Finance said: “The latest figures show there have been far more licenses issued during 2011 than the immediately preceding years and this is across the range of entities from conventional captive insurance companies, Protected Cell Companies (PCCs), Incorporated Cell Companies (ICCs) and in particular, PCC and ICC cells.
“These additions significantly outweigh the number of surrenders during the same period and we are aware of several more entities which are being licensed during the very early part of 2012.”
The 72 new international insurance licenses issued comprised six companies, 12 PCCs, 40 PCC cells, one ICC cell and six life policy cells.
This mean, at the end of December 2011, the net total of licensed international insurance entities stood at 687, made up of 255 companies, 68 PCCs, 267 PCC cells, five ICCs, 15 ICC cells and 77 life policy cells.
At the end of 2010, the GFSC said the international insurance industry had gross assets of £21.4bn (€25.8bn, $32.9), a net worth of £8.5bn and premiums written totalling £4.1bn.