The Guernsey insurance industry has historically been dominated by captive insurance and protected cell companies, at least in terms of the number of licensed insurers operating from the Island. Almost all of these insurers are run by licensed insurance managers. This inevitably means that the majority of insurance professionals represented in the Association are insurance managers. However, the membership also includes all of the island’s major international life assurers.
In recent years, the Guernsey Insurance Industry has expanded through the development of insurance linked securities (ILS) products and Guernsey insurers also provide a significant share of the market capacity for Kidnap and Ransom (K&R) and Fine Art insurance today.
Corporate membership extends beyond insurers and insurance managers to those industries that support the insurance activities on the Island, such as accountants, lawyers, investment professionals, bankers and actuaries.
Individual membership is available to anyone interested in the operation of the insurance industry in Guernsey, and tends to be taken up by consultants and non executive directors.
The Guernsey International Insurance Association (GIIA) – was formed in 1983.