PwC, in association with the Committee for Economic Development have released a strategic review of Guernsey's Insurance industry to assist in the development, promotion and long term success and sustainability of this sector, both domestically and internationally.
The Insurance Sector (the Sector) employs approximately 775 employees on island, comprising 11% of employees within the wider financial services industry. It generates nearly 20% of the finance industry's GDP. The continued health and future growth of the Sector is important to the prosperity of the Guernsey economy.
The Sector benefits the wider economy directly through travel, hospitality and indirectly through the multiplier effect.
CfED recognises the significant contribution of the Sector to the local economy, and was keen to support and ensure the Sector's continued and enhanced success into the future. PwC were engaged, as an independent expert consultant, to carry out a strategic review and to produce a report which would assist the Island and CfED to develop a strategic plan with clear actions and priorities.
The project involved various aspects including:
- understanding and analysing the local environment and the Sector;
- developing and prioritising Sector opportunities and assessing threats; and
- identifying the appropriate industry stakeholders responsible for pursuing each of the growth opportunities.
A number of local and off island industry experts and stakeholders contributed to the report and have collaborated with PwC and CfED on this initiative.
Deputy Ferbrache, President Committee forEconomic Development said,
"The insurance sector in Guernsey has been, and will continue to be, a significant success story which provides a valuable contribution to the global insurance market, the local economy and employment market. It is an innovative sector which offers first class opportunities for individuals, businesses and the Island as a whole. The insurance sector has thrived in recent years with growth in employee numbers, numbers of licensed entities, profits and contribution to the economy.
The Committee for Economic Development recognises the importance of the sector and will work with and support the stakeholders to implement these recommendations. I would like to take the opportunity to thank all those who contributed to this report".
Evelyn Brady, Partner at PwC, added:
"Our report highlights the value the insurance sector brings to the Bailiwick's economy - something that can at times be underestimated. We believe this review can change that. The opportunities for the sector to explore are quite varied and we are certain it is very well placed to take advantage of future growth opportunities. What's crucial now is for industry leaders, government and stakeholders to work together to take proactive and progressive steps in order to realise these opportunities. I'd like to thank everyone who has supported us in the writing of this report."
Peter Child, Chairman of Guernsey International Insurance Association said:
"GIIA is delighted that this report has been commissioned by the CfED, and its members have been happy to play a fundamental part in the process by providing the history and context of the island's insurance industry, as well as a vision for future growth. We believe that the report's recommendations provide a solid road map for the development of the sector. With the cooperation of all stakeholders: government; regulator and industry, this report provides the foundations that will enable Guernsey to maintain its position as Europe's leading offshore insurance centre, and look to increase its worldwide profile."