Originally published in Captive Review, Guernsey
Report, 2009-10, October 2009
Michael Poulding of the Guernsey Financial Services
Commission believes both the insurance and reinsurance industry in
Guernsey can benefit from Solvency II
Guernsey is a British Crown Dependency situated 50 kilometres
from the French Coast in the bay of St Malo. It is fiscally
independent from the UK and is responsible for setting its own
legislation, including financial services legislation. It is not a
member of the European Union (EU).
The insurance market in Guernsey consists of over 700 individual
insurance entities including captive insurance companies,
reinsurance companies, protected cell companies and their cells.
Captive insurance companies and cells account for approximately 60%
of the market. The total gross premium income in 2008 was
£3.3bn while total assets at 31 December 2008 amounted to
£21bn, an increase of 13% over the previous year. Currently
the areas of greatest
