Guernsey has long been a prominent player in the global insurance market, renowned for its innovative approach and strategic advantages. As a leading hub for captive insurance, the island offers a unique combination of a favourable regulatory environment, attractive tax benefits, and a robust financial services infrastructure.
This makes Guernsey an ideal location for businesses and individuals seeking comprehensive insurance solutions tailored to diverse needs.
In this article, we will explore the landscape of insurance companies in Guernsey, delving into the various types of insurance they offer, from property and liability to specialised areas such as marine and cyber insurance.
Understanding these offerings is crucial for both businesses aiming to protect their assets and individuals seeking to safeguard their personal and professional interests.
Join us as we navigate the key players and products in Guernsey’s dynamic insurance sector.
Types of Insurance For Businesses
Captive: Self-insurance through a captive insurance company, popular in Guernsey due to the regulatory environment.
Property: Covers commercial property against risks such as fire, theft, and natural disasters.
Liability: Includes general liability, professional indemnity, and product liability insurance to protect businesses from legal claims.
Directors and Officers (D&O): Protects company directors and officers from personal liability related to their business decisions.
Employee Benefits: Offers coverage for employee benefits, such as health and life insurance, and income protection.
Marine and Aviation: Covers risks related to shipping, yachting, and aviation, including damage, loss, or liability.
Cyber: Protects businesses against the financial consequences of cyberattacks and data breaches.
Reinsurance: Insurance for insurance companies, allowing them to mitigate risk by spreading it to other insurers.
Trade Credit: Covers businesses against the risk of non-payment by clients.
Environmental Liability: Provides coverage for environmental risks, such as pollution and contamination.
Professional Indemnity: Offers protection for professionals against claims of negligence or errors in their services.
Types of Insurance For Individuals
Health: Provides coverage for medical expenses, including hospital stays, treatments, and outpatient care.
Life: Pays out a lump sum to beneficiaries in the event of the policyholder’s death.
Home: Covers residential property and contents against risks such as fire, theft, and damage.
Car: Provides coverage for vehicles, including liability, damage, and theft.
Travel: Covers travel-related risks, such as medical emergencies, trip cancellations, and lost luggage.
Income Protection: Provides a replacement income if you’re unable to work due to illness or injury.
Personal Accident: Offers financial protection in case of accidental injury or death.
Pet: Covers veterinary costs for pets in case of illness or injury.
Yacht and Marine: Provides coverage for private yachts and marine vessels against damage, loss, or liability.
Private Client: Tailored insurance packages for high-net-worth individuals, covering assets such as luxury homes, art, and jewellery.
These products are offered by various insurance providers in Guernsey, making it a comprehensive market for both corporate and personal insurance needs.
A more concise overview of each type of insurance listed above.
Captive Insurance
Captive insurance is a specialised form of self-insurance where a company creates its own insurance subsidiary to provide coverage for its risks. This approach allows businesses to have more control over their insurance policies, tailored specifically to their needs, and can lead to cost savings compared to traditional insurance. Captives are particularly beneficial for companies with unique or high-risk profiles that may struggle to find suitable coverage through conventional insurers.
Guernsey is a leading hub for captive insurance due to its favourable regulatory environment and tax advantages. The island’s regulatory body, the Guernsey Financial Services Commission (GFSC), offers a robust yet flexible framework that supports the formation and operation of captives. This includes attractive tax benefits and a streamlined regulatory process, making Guernsey an ideal location for companies looking to establish captives.
By setting up a captive, businesses can also benefit from improved risk management and claims handling, as the captive can be tailored to cover specific risks not typically addressed by traditional insurers. Furthermore, captives can provide opportunities for investment income through the retention of premiums.
Captive insurance in Guernsey offers a strategic solution for businesses seeking to manage their risks more effectively and economically.
Property Insurance
Property insurance in Guernsey provides coverage against damages and losses to physical assets such as buildings and contents. For businesses, this means protection against risks like fire, theft, vandalism, and natural disasters. It can cover both the physical structure of a property and the equipment, inventory, and other assets within it.
Property insurance is essential for businesses operating in a region known for its financial services and maritime industries. Companies need to protect their valuable assets from potential risks that could disrupt operations or incur significant financial losses. Policies can be customised to meet the specific needs of businesses, including coverage for business interruption, which compensates for lost income due to property damage.
For residential properties, insurance typically covers risks such as fire, theft, and storm damage. Homeowners in Guernsey can benefit from policies that offer comprehensive protection for their homes and possessions, ensuring peace of mind against unforeseen events.
Property insurance is a fundamental component of risk management for both businesses and individuals, providing financial security and helping to mitigate the impact of property-related losses.
Liability Insurance
Liability insurance protects Guernsey businesses and individuals from financial losses resulting from legal claims made against them. It covers legal costs and compensation for damages that arise from incidents such as accidents, negligence, or faulty products. There are various types of liability insurance, including general liability, professional indemnity, and product liability.
This type of coverage is crucial for businesses to safeguard against potential lawsuits that could arise from their operations. General liability insurance covers third-party claims for bodily injury or property damage caused by the business’s activities.
Professional indemnity insurance, on the other hand, is designed for professionals such as consultants, accountants, and lawyers, covering claims related to errors or omissions in their services. Product liability insurance protects manufacturers and sellers against claims related to defective products.
Individuals also benefit from liability insurance, particularly in cases where they might be held responsible for injuries or damages that occur on their property or as a result of their actions. For example, homeowner’s liability insurance provides coverage if someone is injured on your property.
Liability insurance is essential for managing risk and protecting against the financial implications of legal claims, ensuring that businesses and individuals are covered in case of unexpected incidents.
Directors and Officers (D&O) Insurance
Directors and Officers (D&O) insurance provides financial protection for company executives and board members against claims of wrongful acts committed in their roles. This type of insurance is crucial for protecting individuals from personal liability related to their decisions and actions within the company.
In Guernsey, it is particularly important due to the island’s robust financial and corporate sectors, where executives are often exposed to potential legal risks. The policy typically covers legal defence costs, settlements, and damages arising from allegations such as mismanagement, breaches of fiduciary duty, or failure to comply with regulations.
It is designed to cover both the company’s executives and the company itself, as it can also provide coverage for indemnification claims where the company agrees to cover its directors and officers. This insurance helps attract and retain talented individuals by offering them protection against personal financial risk, thereby ensuring that the company’s leadership is safeguarded against potential legal challenges.
D&O insurance is essential for protecting executives and board members from personal financial loss resulting from legal actions related to their professional responsibilities, ensuring peace of mind and promoting sound corporate governance.
Employee Benefits Insurance
Employee benefits insurance encompasses a range of policies designed to provide financial support and healthcare coverage for employees. It is crucial for businesses aiming to offer competitive benefits packages that attract and retain top talent.
In Guernsey, it typically includes health and life insurance, and income protection. Health insurance covers medical expenses for employees, including hospitalisation, treatments, and preventive care. Life insurance provides a financial payout to employees’ beneficiaries in the event of their death, offering support to their families.
Income protection insurance, also known as disability insurance, provides employees with a portion of their income if they are unable to work due to illness or injury. It ensures that employees have financial support during their recovery period, contributing to their overall well-being and job satisfaction.
Employee benefits insurance is an essential part of a comprehensive compensation package, enhancing employee morale and ensuring that employees have access to necessary financial and medical support. By offering these benefits, businesses in Guernsey can improve their employee retention and satisfaction, contributing to a more productive and engaged workforce.
Marine and Aviation Insurance
Marine and aviation insurance covers risks associated with the operation of ships, yachts, and aircraft. It is vital for businesses and individuals involved in maritime and aviation industries, providing protection against a range of potential losses.
Guernsey marine insurance includes coverage for vessels against risks such as damage, loss, or theft, as well as liability for third-party claims. This can cover both commercial shipping and private yachting activities. For businesses involved in shipping, coverage ensures that vessels and cargo are protected during transit, while yacht owners can safeguard their boats against various risks, including accidents and weather-related damage.
Aviation insurance, similarly, provides coverage for aircraft and their operators, including liability for passengers, crew, and third parties. It is essential for managing the financial impact of accidents, damages, and legal claims related to aviation activities.
Marine and aviation insurance is crucial for mitigating the financial risks associated with these high-value assets, ensuring that both commercial and private operators are protected against potential losses and liabilities.
Cyber Insurance
Cyber insurance provides protection against the financial consequences of cyberattacks and data breaches. As technology advances, businesses and individuals face increasing risks related to cybersecurity, making this insurance increasingly important.
Cyber insurance in Guernsey covers a range of risks including data breaches, network security failures, and cyber extortion. It typically includes coverage for costs associated with data recovery, legal fees, notification to affected individuals, and reputational damage. It also provides support for managing the response to a cyber incident, including public relations and IT forensic services.
For businesses, it helps mitigate the financial impact of cyberattacks, which can be significant due to potential regulatory fines, litigation costs, and operational disruptions. Individuals also benefit from cyber insurance by protecting against identity theft and financial losses resulting from cybercrime.
Cyber insurance is essential for managing the risks associated with digital activities, providing financial protection and support in the event of a cyber incident and helping organisations and individuals navigate the complex landscape of cybersecurity threats.
Reinsurance
Reinsurance involves the practice of insurance companies transferring a portion of their risk to other insurers, known as reinsurers. This process helps primary insurers manage their risk exposure and maintain financial stability by spreading risk across multiple parties.
Reinsurance in Guernsey is a significant part of the insurance market, with many firms specialising in this field. It can take various forms, including treaty reinsurance, where a reinsurer covers a specific portion of an insurer’s risk portfolio, and facultative reinsurance, which covers individual risks or policies on a case-by-case basis.
By engaging in reinsurance, primary insurers can protect themselves from large losses, such as those resulting from catastrophic events, and improve their capacity to underwrite new policies. It also provides financial stability by enabling insurers to manage their risk more effectively and meet regulatory requirements.
It is a critical component of the global insurance market, ensuring that insurers can continue to offer coverage while managing their risk exposure and maintaining financial health.
Trade Credit Insurance
Trade credit insurance provides protection against the risk of non-payment by customers, ensuring that businesses are financially safeguarded against potential defaults or insolvencies. It is essential for managing credit risk and maintaining cash flow.
Trade credit insurance policies typically cover unpaid invoices and outstanding debts resulting from customer defaults or financial difficulties. Policies may also include coverage for political risks, such as expropriation or currency inconvertibility, that could impact international trade.
It helps businesses mitigate the financial impact of non-payment by customers, ensuring that they can recover outstanding debts and maintain financial stability. It also provides support in managing credit risk and assessing the creditworthiness of customers.
Trade credit insurance is a valuable tool for businesses engaged in trade, offering protection against payment risks and supporting financial stability and growth.
Environmental Liability Insurance
Environmental liability insurance provides coverage for risks associated with environmental damage, such as pollution and contamination. This type of insurance is crucial for businesses involved in activities that may impact the environment, offering protection against potential liabilities and cleanup costs.
In Guernsey, policies may cover risks related to pollution, contamination, and environmental damage caused by business operations. Policies typically include coverage for cleanup costs, legal liabilities, and regulatory fines.
It helps businesses manage the financial impact of environmental risks, ensuring that they are protected against potential liabilities and compliance issues. It also provides support in addressing environmental concerns and maintaining regulatory compliance.
Overall, environmental liability insurance is essential for businesses operating in industries with environmental risks, offering protection and support for managing environmental impacts and liabilities.
Professional Indemnity Insurance
Professional indemnity insurance provides coverage for claims related to errors or omissions in professional services. It is essential for professionals such as consultants, accountants, and lawyers, offering protection against allegations of negligence or inadequate performance.
Guernsey professional indemnity insurance policies typically cover legal costs and damages resulting from claims made by clients or third parties. Policies may also include coverage for breach of confidentiality and errors in professional advice or services.
It helps professionals manage the financial impact of legal claims, ensuring that they are protected against potential liabilities and providing support in resolving disputes. It also offers peace of mind, knowing that they are covered for errors or omissions in their work.
Professional indemnity insurance is a crucial component of risk management for professionals, providing financial protection and support in the event of claims related to their services.
Health Insurance
Health insurance in Guernsey provides coverage for medical expenses, including hospitalisation, treatments, and preventive care. It is essential for individuals seeking financial protection against the high costs of healthcare services.
The policies offer various levels of coverage, including inpatient and outpatient care, specialist consultations, and emergency services. Some policies may also include benefits such as dental and optical care, as well as alternative therapies.
It helps alleviate the financial burden of medical expenses, ensuring that individuals have access to necessary treatments without significant out-of-pocket costs. It also promotes early detection and prevention of health issues, contributing to overall well-being and reducing the risk of serious illnesses.
For businesses, providing health insurance as part of an employee benefits package can enhance job satisfaction and retention, offering employees peace of mind and access to quality healthcare services.
Health insurance is a vital tool for managing healthcare costs, ensuring that individuals and families are protected against unexpected medical expenses and maintaining their overall health and well-being.
Life Insurance
Life insurance provides a financial payout to beneficiaries in the event of the policyholder’s death. It offers financial protection and support to the policyholder’s family or loved ones, helping to cover expenses and maintain their standard of living.
Policies come in various forms, including term life insurance, which provides coverage for a specific period, and whole life insurance, which offers lifelong coverage with a cash value component. Policies can be tailored to meet individual needs, such as providing a lump sum payment or regular income to beneficiaries.
It is essential for ensuring that dependents are financially secure in the event of the policyholder’s death, covering expenses such as funeral costs, outstanding debts, and daily living expenses. It also provides peace of mind, knowing that loved ones will be supported financially.
For businesses, it can be used as part of employee benefits packages, providing financial security for employees’ families and enhancing overall employee satisfaction and retention.
Life insurance plays a crucial role in financial planning, offering protection and support to beneficiaries and ensuring that loved ones are cared for in the event of an untimely death.
Home Insurance
Home insurance provides coverage for residential properties against risks such as fire, theft, and natural disasters. It is essential for protecting homeowners’ investments and ensuring financial security in the event of property damage or loss.
In Guernsey, policies typically include coverage for the physical structure of the home, as well as personal belongings and additional living expenses if the property becomes uninhabitable. Policies can be customised to include protection against specific risks, such as flood or earthquake damage.
It helps mitigate the financial impact of unexpected events, such as accidents or natural disasters, by covering repair or replacement costs and providing compensation for lost or damaged belongings. It also offers liability protection in case of accidents or injuries occurring on the property.
For homeowners, having adequate home insurance is crucial for safeguarding their property and possessions, ensuring peace of mind and financial security against unforeseen events.
Car Insurance
Guernsey car insurance provides coverage for vehicles against risks such as accidents, theft, and damage. This insurance is mandatory in many jurisdictions, including Guernsey, where it ensures that vehicle owners have financial protection in the event of an incident.
Policies typically include liability coverage for injuries or damages caused to others, as well as optional coverage for the vehicle itself, such as comprehensive and collision insurance. Comprehensive insurance covers non-collision-related risks, such as theft or vandalism, while collision insurance covers damage resulting from accidents.
It helps mitigate the financial impact of accidents or damage by covering repair costs, medical expenses, and legal liabilities. It also provides peace of mind for drivers, knowing that they are protected against potential financial losses and legal claims.
Car insurance is essential for managing the risks associated with vehicle ownership, ensuring financial protection and compliance with legal requirements.
Travel Insurance
Travel insurance provides coverage for a range of risks associated with travelling, including medical emergencies, trip cancellations, and lost luggage. This kind of coverage is crucial for travellers seeking financial protection and peace of mind while abroad.
Guernsey travel insurance policies typically include coverage for medical expenses incurred during the trip, as well as emergency evacuation and repatriation. Policies may also cover trip cancellations or interruptions due to unforeseen events, such as illness or travel disruptions, and provide compensation for lost or delayed baggage.
It helps mitigate the financial impact of unexpected events while travelling, ensuring that travellers are protected against potential losses and can access necessary medical care. It also provides support in case of trip cancellations or interruptions, helping to reduce the financial burden of travel-related issues.
Travel insurance is an important consideration for anyone planning a trip, offering comprehensive coverage and protection against a variety of potential risks and uncertainties.
Income Protection Insurance
Income protection insurance provides financial support in the event that an individual is unable to work due to illness or injury. It is designed to replace a portion of the individual’s income, ensuring financial stability during periods of disability.
In Guernsey, policies typically offer coverage for a specified percentage of the individual’s income, providing regular payments to help cover living expenses and maintain financial security. Policies may also include benefits for rehabilitation and vocational support to aid in the return to work.
It helps individuals manage the financial impact of disability, offering a safety net in case of unexpected health issues that prevent them from working. It provides peace of mind, knowing that they have financial support during challenging times.
Income protection insurance is an important tool for ensuring financial stability and security in the event of illness or injury, helping individuals maintain their standard of living and manage their financial obligations.
Personal Accident Insurance
Personal accident insurance provides financial protection in the event of accidental injury or death. This type of protection is designed to offer support for individuals who suffer from accidents that result in temporary or permanent disability.
Personal accident insurance policies typically cover medical expenses, rehabilitation costs, and compensation for loss of income or permanent disability resulting from an accident. Policies may also provide benefits for accidental death, offering a lump sum payment to beneficiaries.
It helps alleviate the financial burden associated with accidental injuries by covering medical and recovery costs and providing financial support during periods of disability. It also offers peace of mind by ensuring that individuals and their families are protected against the financial impact of unexpected accidents.
Personal accident insurance is essential for managing the risks associated with accidents, providing financial support and protection in the event of injury or death.
Pet Insurance
Pet insurance in Guernsey provides coverage for veterinary expenses related to the health and well-being of pets. It is important for pet owners seeking financial protection against the high costs of veterinary care.
Policies typically include coverage for medical treatments, such as surgeries, medications, and diagnostic tests, as well as routine care and vaccinations. They may also offer benefits for accidents, illnesses, and emergencies, helping to alleviate the financial burden of unexpected veterinary expenses.
Pet insurance helps ensure that pets receive necessary medical care without causing significant financial strain on their owners. It also provides peace of mind, knowing that pet owners can access high-quality veterinary services for their pets when needed.
Pet insurance is a valuable tool for managing the costs of veterinary care, offering protection and support for the health and well-being of beloved pets.
Yacht and Marine Insurance
Yacht and marine insurance covers risks associated with the ownership and operation of boats and marine vessels. This kind of protection is crucial for individuals and businesses involved in maritime activities, providing protection against various risks.
Yacht and marine insurance policies In Guernsey typically include coverage for damage to vessels, loss or theft, and liability for injuries or damages caused to others. Policies may also cover risks related to marine operations, such as cargo damage and environmental pollution.
It helps mitigate the financial impact of accidents, damage, or loss of marine vessels, ensuring that owners and operators are protected against potential risks and liabilities. It also provides support in managing the complexities of maritime insurance, including regulatory compliance and risk management.
Yacht and marine insurance is essential for safeguarding marine assets and ensuring financial protection against the various risks associated with maritime activities.
Private Client Insurance
Private client insurance in Guernsey offers tailored coverage for high-net-worth individuals, protecting valuable assets such as luxury homes, art, and jewellery. This type of coverage is designed to meet the unique needs of affluent clients, providing comprehensive protection and specialised services.
Policies may include coverage for high-value homes, fine art, antiques, jewellery, and other valuable possessions. Policies are often customised to address the specific risks and requirements of high-net-worth individuals, offering enhanced coverage and personalised service.
Coverage helps safeguard significant assets against risks such as theft, damage, or loss, ensuring that valuable possessions are protected and maintained. It also provides access to specialist services, such as risk assessment and claims management, tailored to the needs of affluent clients.
Private client insurance is crucial for managing the risks associated with high-value assets, offering comprehensive coverage and specialised support for affluent individuals.
Guernsey Insurance Companies List
Ross Gower Group
Address: PO Box 2, Insco House, Rohais, St Peter Port, Guernsey, GY1 3AA
Phone: 01481 722222
Website: https://www.rossgower.com
Aon Insurance Managers (Guernsey) Limited
Address: P.O. Box 33, Dorey Court, Admiral Park, St Peter Port, Guernsey GY1 4AT
Phone: 01481 707909
Website: https://www.aon.com
Islands Insurance
Address: Lancaster Court, Forest Lane, St Peter Port, Guernsey GY1 1WJ
Phone: 01481 710 731
Website: https://www.islands.insure
R A Rossborough (Guernsey) Limited
Address: Rossborough House, Bulwer Avenue. Guernsey
Phone: 01481 241555
Website: https://www.rossborough.co.uk
Channel Insurance Brokers
Address: 4 South Esplanade, St Peter Port, Guernsey, GY1 3PZ
Phone: 01481 726971
Website: https://www.cib-insurance.co.uk