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Offshore Insurance Markets: Life and non-life insurance in Dublin IFSC, Guernsey, Jersey, Isle of Man, Luxembourg - Examines the offshore life and non-life insurance markets in five offshore locations: Isle of Man, Guernsey, Jersey, Dublin IFSC and Luxembourg.
Product Code: BFFS0201
Publication Date: 07-Mar-2003
Overview
Introduction
Offshore Insurance Markets examines offshore life and non-life insurance in five offshore locations: Isle of Man, Guernsey, Jersey, Dublin IFSC and Luxembourg. It sizes the markets from 1998-2001 and segments each market into life and non-life premiums. It examines the drivers of market development, the tax and regulatory environment, and the structure of competition.
Scope
· Examines offshore life and non-life insurance in five offshore locations: Isle of Man, Guernsey, Jersey, Dublin IFSC and Luxembourg.
· Sizes the markets from 1998-2001 and segments each market into life and non-life premiums. Examines the drivers of market development.
· Outlines the tax and regulatory environment, and any recent developments.
· Examines the structure of competition both in terms of options for company formation and the insurers’ countries of origin.
Report Highlights
The Isle of Man is the largest offshore life market among the countries under study, holding 34% of premiums in 2001. And while growth in that market has not been the highest, it did manage to grow by over 30% in both 1999 and 2000, only slowing significantly to 6.5% in 2001.
In contrast to its small life business, Guernsey’s offshore non-life market is the largest among the countries under study. The success of this market in terms of size is bolstered by the fact that it has consistently grown by 18% or more each year even when all the other offshore non-life markets slowed or even declined in 2001.
The introduction of Protected Cell Company (PCC) legislation in Guernsey has resulted in a “rent-a-captive” business, and appeals to international groups with numerous autonomous subsidiaries and insurers that want to separate the life funds relating to different policyholders into separate cells, or classes, within a PCC.
Table of Contents
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CHAPTER 1 OFFSHORE INSURANCE |
6 |
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Introduction |
6 |
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The offshore markets |
6 |
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Why offshore insurance? |
7 |
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Life insurance |
7 |
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Non-life insurance |
9 |
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Guernsey |
9 |
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Market position |
9 |
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Regulatory and tax environment |
11 |
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Competitive structure |
11 |
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Recent developments |
12 |
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Jersey |
13 |
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Market position |
13 |
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Regulatory and tax environment |
14 |
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Competitive structure |
14 |
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Recent developments |
15 |
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Isle of Man |
15 |
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Market position |
15 |
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Regulatory and tax environment |
16 |
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Competitive structure |
17 |
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Recent developments |
18 |
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Dublin IFSC |
18 |
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Market position |
18 |
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Regulatory and tax environment |
19 |
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Competitive structure |
20 |
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Recent developments |
21 |
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Luxembourg |
22 |
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Market position |
22 |
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Regulatory and tax environment |
23 |
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Competitive structure |
23 |
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Recent developments |
24 |
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Comparative market development |
25 |
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Offshore life insurance |
25 |
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Offshore non-life insurance |
27 |
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Conclusion |
29 |
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Data |
31 |
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CHAPTER 2 APPENDIX |
33 |
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Further reading |
33 |
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Datamonitor Reports |
33 |
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Datamonitor Global Wealth Service Briefs |
33 |
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Datamonitor Global Wealth Service Profiles |
33 |
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Do you need further information? |
34 |
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Datamonitor financial services consulting |
34 |
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SPP writing team |
35 |
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List of Tables |
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Table 1: Total offshore insurance premiums in Guernsey, segmented by life and non-life, 1998-2001 |
31 |
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Table 2: Total offshore insurance premiums in Jersey, segmented by life and non-life, 1998-2001 |
31 |
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Table 3: Total offshore insurance premiums in Isle of Man, segmented by life and non-life, 1998-2001 |
31 |
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Table 4: Total offshore insurance premiums in Dublin IFSC, segmented by life and non-life, 1998-2001 |
32 |
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Table 5: Total offshore insurance premiums in Luxembourg, segmented by life and non-life, 1998-2001 |
32 |
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List of Figures |
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Figure 1: Benefits of offshore life assurance, 2002 |
8 |
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Figure 2: Non-life premiums dominate offshore insurance in Guernsey, both in terms of size and market growth, 1998-2001 |
10 |
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Figure 3: Guernsey’s international insurers by location of shareholders, 2001 |
12 |
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Figure 4: Jersey’s offshore life business has grown remarkably, 1998-2001, and dominates the small offshore insurance market there |
13 |
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Figure 5: Jersey’s offshore insurers by country of origin, February 2003 |
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Figure 6: The Isle of Man’s offshore markets are large, but growth stagnated between 2000 and 2001 |
16 |
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Figure 7: The number of captives in Isle of Man has declined 1998-2001, mainly as a result of consolidation |
17 |
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Figure 8: Dublin IFSC’s life market saw a substantial boost in 2000, but growth has tapered off in 2001 |
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Figure 9: Dublin IFSC insurers by country of incorporation, 2002 |
20 |
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Figure 10: Life assurance accounted for more than 90% of Luxembourg’s offshore insurance market in 2001 but premiums declined from their 2000 level |
23 |
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Figure 11: Luxembourg insurers by country of incorporation, 2001 |
24 |
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Figure 12: The offshore life insurance business by center, 2001 |
26 |
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Figure 13: Offshore life insurance year-on-year growth by center, 1999-2001 |
27 |
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Figure 14: The offshore non-life insurance business by center, 2001 |
28 |
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Figure 15: Offshore non-life insurance year-on-year growth by center, 1999-2001 |
29 |