The number of international
insurance entities domiciled in Guernsey reached 714 at the end of
December 2008 – up from 708 at the same time 12 months
earlier.
The main growth comes in the number
Protected Cell Companies (PCCs), Incorporated Cell Companies (ICCs)
and their related cells.
"We are very pleased to have
recorded this growth given our maturity as a captive insurance
domicile, increased competition from other jurisdictions and the
soft market conditions that have been prevailing," said
Dominic Wheatley, Deputy Chairman of the Guernsey Insurance
Companies Management Association (GICMA).
"However, I believe we can
build on this much further during 2009. The commercial market will
begin to increase premiums during this year as the changed economic
picture means insurers find capital more expensive and investment
income harder to come by. Indeed there are already clear signs of a
hardening of premium rates in a number of critical corporate
insurance
