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

Published: Feb, 2015 | Pages: 137 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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.

Reason 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

 Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Guernsey Insurance Industry Overview
3.1 Guernsey Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.3.1 Personal accident insurance
4.3.2 Health insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Professional indemnity insurance for insurance managers and intermediaries
5.3.3 Third-party liability insurance for surfboards
5.3.4 Third-party liability insurance for vessels and speedboats
5.3.5 Third-party liability insurance for steam boilers
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors (IAIS)
5.4.2 Guernsey Financial Services Commission (GFSC)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP per Capita Constant Prices (US$)
7.3 GDP at Current Prices (US$)
7.4 Male and Female Population (Percentage of Total)
7.5 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Guernsey Insurance Gross Written Premium by Segment (GBP Billion), 2009-2013
Table 3: Guernsey Insurance Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 4: Guernsey Insurance Gross Written Premium by Segment (GBP Billion), 2013-2018
Table 5: Guernsey Insurance Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 6: Guernsey Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
Table 7: Guernsey Insurance Direct Written Premium by Segment (GBP Billion), 2009-2013
Table 8: Guernsey Insurance Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 9: Guernsey Insurance Direct Written Premium by Segment (GBP Billion), 2013-2018
Table 10: Guernsey Insurance Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 11: Guernsey Insurance Segmentation by Direct Written Premium (% Share), 2009-2018
Table 12: Guernsey Life Insurance - Gross Written Premium (GBP Billion), 2009-2013
Table 13: Guernsey Life Insurance - Gross Written Premium (GBP Billion), 2013-2018
Table 14: Guernsey Life Insurance - Direct Written Premium (GBP Billion), 2009-2013
Table 15: Guernsey Life Insurance - Direct Written Premium (GBP Billion), 2013-2018
Table 16: Guernsey Life Insurance - Paid Claims (GBP Billion), 2009-2013
Table 17: Guernsey Life Insurance - Paid Claims (GBP Billion), 2013-2018
Table 18: Guernsey Life Insurance - Incurred Loss (GBP Billion), 2009-2013
Table 19: Guernsey Life Insurance - Incurred Loss (GBP Billion), 2013-2018
Table 20: Guernsey Life Insurance - Loss Ratio (%), 2009-2013
Table 21: Guernsey Life Insurance - Loss Ratio (%), 2013-2018
Table 22: Guernsey Life Insurance - Combined Ratio (%), 2009-2013
Table 23: Guernsey Life Insurance - Combined Ratio (%), 2013-2018
Table 24: Guernsey Life Insurance - Total Assets (GBP Billion), 2009-2013
Table 25: Guernsey Life Insurance - Total Assets (GBP Billion), 2013-2018
Table 26: Guernsey Life Insurance - Total Investment Income (GBP Million), 2009-2013
Table 27: Guernsey Life Insurance - Total Investment Income (GBP Million), 2013-2018
Table 28: Guernsey Life Insurance - Retentions (GBP Billion), 2009-2013
Table 29: Guernsey Life Insurance - Retentions (GBP Billion), 2013-2018
Table 30: Guernsey Life Insurance - Total Investment (GBP Billion), 2009-2013
Table 31: Guernsey Non-Life Insurance - Gross Written Premium by Category (GBP Billion), 2009-2013
Table 32: Guernsey Non-Life Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
Table 33: Guernsey Non-Life Insurance - Gross Written Premium by Category (GBP Billion), 2013-2018
Table 34: Guernsey Non-Life Insurance - Gross Written Premium by Category (US$ Billion), 2013-2018
Table 35: Guernsey Non-Life Insurance - Direct Written Premium by Category (GBP Billion), 2009-2013
Table 36: Guernsey Non-Life Insurance - Direct Written Premium by Category (US$ Billion), 2009-2013
Table 37: Guernsey Non-Life Insurance - Direct Written Premium by Category (GBP Billion), 2013-2018
Table 38: Guernsey Non-Life Insurance - Direct Written Premium by Category (US$ Billion), 2013-2018
Table 39: Guernsey Non-Life Insurance - Paid Claims (GBP Billion), 2009-2013
Table 40: Guernsey Non-Life Insurance - Paid Claims (GBP Billion), 2013-2018
Table 41: Guernsey Non-Life Insurance - Incurred Loss (GBP Billion), 2009-2013
Table 42: Guernsey Non-Life Insurance - Incurred Loss (GBP Billion), 2013-2018
Table 43: Guernsey Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 44: Guernsey Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 45: Guernsey Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 46: Guernsey Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 47: Guernsey Non-Life Insurance - Total Assets (GBP Billion), 2009-2013
Table 48: Guernsey Non-Life Insurance - Total Assets (GBP Billion), 2013-2018
Table 49: Guernsey Non-Life Insurance - Total Investment Income (GBP Million), 2009-2013
Table 50: Guernsey Non-Life Insurance - Total Investment Income (GBP Million), 2013-2018
Table 51: Guernsey Non-Life Insurance - Retentions (GBP Billion), 2009-2013
Table 52: Guernsey Non-Life Insurance - Retentions (GBP Billion), 2013-2018
Table 53: Guernsey Non-Life Insurance - Total Investment (GBP Billion), 2009-2013
Table 54: Guernsey Property Insurance - Gross Written Premium (GBP Billion), 2009-2013
Table 55: Guernsey Property Insurance - Gross Written Premium (GBP Billion), 2013-2018
Table 56: Guernsey Motor Insurance - Gross Written Premium (GBP Million), 2009-2013
Table 57: Guernsey Motor Insurance - Gross Written Premium (GBP Million), 2013-2018
Table 58: Guernsey Liability Insurance - Gross Written Premium (GBP Million), 2009-2013
Table 59: Guernsey Liability Insurance - Gross Written Premium (GBP Million), 2013-2018
Table 60: Guernsey Marine, Aviation and Transit Insurance - Gross Written Premium (GBP Million), 2009-2013
Table 61: Guernsey Marine, Aviation and Transit Insurance - Gross Written Premium (GBP Million), 2013-2018
Table 62: Guernsey Personal Accident and Health Insurance - Gross Written Premium (GBP Million), 2009-2013
Table 63: Guernsey Personal Accident and Health Insurance - Gross Written Premium (GBP Million), 2013-2018
Table 64: Guernsey Personal Accident and Health Insurance - Direct Written Premium (GBP Million), 2009-2013
Table 65: Guernsey Personal Accident and Health Insurance - Direct Written Premium (GBP Million), 2013-2018
Table 66: Guernsey Personal Accident and Health Insurance - Paid Claims (GBP Million), 2009-2013
Table 67: Guernsey Personal Accident and Health Insurance - Paid Claims (GBP Million), 2013-2018
Table 68: Guernsey Personal Accident and Health Insurance - Incurred Loss (GBP Million), 2009-2013
Table 69: Guernsey Personal Accident and Health Insurance - Incurred Loss (GBP Million), 2013-2018
Table 70: Guernsey Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 71: Guernsey Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 72: Guernsey Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 73: Guernsey Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 74: Guernsey Personal Accident and Health Insurance - Total Assets (GBP Million), 2009-2013
Table 75: Guernsey Personal Accident and Health Insurance - Total Assets (GBP Million), 2013-2018
Table 76: Guernsey Personal Accident and Health Insurance - Total Investment Income (GBP Million), 2009-2013
Table 77: Guernsey Personal Accident and Health Insurance - Total Investment Income (GBP Million), 2013-2018
Table 78: Guernsey Personal Accident and Health Insurance - Retentions (GBP Million), 2009-2013
Table 79: Guernsey Personal Accident and Health Insurance - Retentions (GBP Million), 2013-2018
Table 80: Guernsey Personal Accident and Health Insurance - Total Investments (GBP Million), 2009-2013
Table 81: Guernsey Personal Accident Insurance - Gross Written Premium (GBP Million), 2009-2013
Table 82: Guernsey Personal Accident Insurance - Gross Written Premium (GBP Million), 2013-2018
Table 83: Guernsey Health Insurance - Gross Written Premium (GBP Million), 2009-2013
Table 84: Guernsey Health Insurance - Gross Written Premium (GBP Million), 2013-2018
Table 85: Guernsey Reinsurance - Ceded by Insurance Segment (GBP Million), 2009-2013
Table 86: Guernsey Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 87: Guernsey Reinsurance - Ceded by Insurance Segment (GBP Million), 2013-2018
Table 88: Guernsey Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 89: Guernsey Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 90: Guernsey Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 91: Guernsey Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 92: Guernsey Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 93: Guernsey Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 94: Guernsey Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 95: Guernsey - Life Insurance Regulatory Framework
Table 96: Guernsey - Property Insurance Regulatory Framework
Table 97: Guernsey - Motor Insurance Regulatory Framework
Table 98: Guernsey - Liability  Insurance Regulatory Framework
Table 99: Guernsey - Minimum Capital Requirements
Table 100: Guernsey - Annual Fee
Table 101: Guernsey - Application Fee
Table 102: Guernsey - Corporate Tax Rates for the Financial Year 2013
Table 103: Guernsey Captive (International) Insurers, 2014