60 Guernsey students swapped their classrooms for the boardroom, competing to win a fictional insurance contract from a global shipping company.
The students, from five local schools, took part in the Guernsey International Insurance Association’s (GIIA) fourth annual ‘Insuring the Future’ event at St James.
Working in teams of six, they became rival insurance management firms, tasked with convincing an imaginary shipping giant, Ethica, to establish its own insurance company in Guernsey.
Paul Marquand, Head of Office for Marsh, said: “It was fantastic to be involved in this event.
“I was genuinely impressed by the students’ engagement and how quickly they grasped the complex insurance concepts built into the case study.”
The teams met representatives from the fictional company, the Guernsey Financial Services Commission and global insurer Zurich before pitching their proposals.
After a closely fought competition, two teams, Green Wave and Oasis, made it to the final, with just one point separating the winner and runner-up.
The event also featured talks from Deputy Mark Helyar and Guernsey Finance Chair Paul Sykes, who shared their experiences of working in international insurance.
James Stewart, Chairman of GIIA, said the event was about showcasing an industry many islanders know little about.
“Many aren’t aware of Guernsey’s world leading status as a captive domicile, that the first captive was conceived of and set up in Guernsey over 100 years ago and today there are around 6,000 globally with Guernsey retaining its title as the largest captive domicile in Europe.”
Guernsey is currently home to captive insurance companies belonging to 40% of FTSE 100 businesses, according to GIIA.
The event was supported by 17 industry volunteers and sponsored by Horsepool Consulting, PwC Channel Islands, Moore Stephens Channel Islands, W1M and Paratus.
