Cutts-Watson-Consulting Limited ("CWC"), in association with the Committee for Economic Development (the "Committee"), have released a strategic review of Guernsey's Insurance sector (the "Review") to assist in the development, promotion and long-term success of the sector, both domestically and internationally.
This Review is an update to an original review, of the sector, carried out by PwC in 2016.
In 2019, the Insurance sector employed approximately 750 employees, comprising 12% of employees within the finance sector. It generated nearly 15% of the finance industry's GVA. The continued health, and future growth, of the sector are important to the prosperity of the Guernsey economy.
The Sector benefits the economy directly through travel and hospitality, and indirectly through the multiplier effect, and is considered to be an essential element of Guernsey's economic recovery from the impacts of the COVID-19 pandemic.
The Committee recognises the significant contribution, of the sector, to the economy and is keen to support the Sector's continued success in the medium to long term. The Review will assist the Island, and the Committee, in the development of a strategic plan with clear actions and priorities.
A number of local, and off island, industry experts and stakeholders contributed to the Review and have collaborated with CWC and the Committee on this initiative.
The Review contains a number of key strategic recommendations, for implementation by stakeholders.
Deputy Nick Moakes, Member of the Committee forEconomic Development said
"Guernsey's insurance sector has proven itself to be innovative, and successful, despite difficult market conditions and the impact of COVID. It demonstrates a significant success story and a sector which is a world leader in providing new solutions to meet clients' needs. The implementation of the Review's recommendations, by all stakeholders, will benefit the economy and the profitability of this sector. It could also facilitate growth in employee numbers and the number of licensed entities on the island.
The CommitteeforEconomic 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 Review".
Malcom Cutts-Watson, Chairman of CWC, added:
"This Review comes at an opportune time with global insurance markets under severe strain as a result of tough market conditions and the impact of the pandemic. A range of opportunities have been identified to further strengthen Guernsey's insurance proposition by enhancing the client experience, expanding the range of products and services offered and opening up new markets. The recommendations contained within the Review provide a blueprint for immediate and longer-term growth"
Mark Elliott, Chairman of Guernsey International Insurance Association said:
"GIIA would like to thank the States of Guernsey, and particularly the Committee for Economic Development for its support of this review. Guernsey's long-standing position as the leading specialist insurance centre in Europe is one we are all rightly proud of. This review will allow us to maintain and enhance that position in a number of exciting ways. We look forward to working with all stakeholders in this process to implement the recommendations and keep Guernsey at the forefront of insurance innovation going forwards."
