Guernsey can continue to be a flourishing market for captives and reinsurance due to global risks of geopolitics and AI, a local conference was told.
The Airmic Guernsey conference saw hundreds of insurance professionals gather in Guernsey to discuss how captive insurance can be applied in increasingly risky times.
Group discussion featuring prominent insurance and regulatory representatives from Guernsey delved into how technological changes are driving innovation in captive products.
Climate risks could spark more interest in captives, while AI is reshaping risk management and captives are viewed as problem solving tools in a complex insurance market.
Risk transfers could also be used to help organisation recover from cyber incidents.
Airmic Chairman Julia Graham said: “The protection gap is being stretched by increasingly complex and connected risks. So that’s the context that we deal with and demonstrates not only how important captive insurance is here, but also that Guernsey is about more than captives as a recognised international business and insurance centre.
“Guernsey does and always will offer great solutions, designed, delivered and governed by knowledgeable and experienced talent, because that’s a lot of what this is all about. The reputation of Guernsey as a place to do business is trusted and respected globally and I see no change in that happening.”