Offshore Insurance Services

The insurance sector of Jersey has taken some time to establish itself. Since the entrance of Scottish Widows International to the market, however, more players are likely to move in.

Richard Pratt at the JFSC says: “Although, traditionally we have a very small insurance sector, there has been an increase in applications for licences in the last few months. Many people were concerned about the results of the Edwards Report and delayed applications over 1999. Our hope now is that these applications will be turned into permits so that investors are given a wider choice of services.”

Offshore Insurance Services - Nigel Woodroof

Woodroof comments that although there will be changes in legislation next year as a result of the Edwards Report, these will merely put into writing what is already being practised.