Life insurance is the largest single sector on the Island, generating over 17% GDP with over 2000 strong workforce. Established for over 30 years, the Isle of Man is home to 11 authorised life insurance companies who are leading or top-three ranked for providing diverse solutions for global customers.
The Isle of Man has a Policyholders’ Compensation Fund that, in the event a company is unable to meet its liberties to policyholders, will pay a sum equal to 90% of the amount of any liability to the policyholder.
Isle of Man companies offer products for expatriates of other countries and local nationals around the world with the broadest market footprint of all established cross-border life domiciles. The Island’s Life Insurance sector offers a wide range of solutions, superior product benefits and features - such as international investment options, risk benefits, and guarantees to investors not otherwise available in their home market.
The Isle of Man was also named “International Finance Centre of the Year” at the International Adviser Product and Service Awards in May 2017, and named “Best International Finance Centre” at the International Investment awards in October 2017.
The Isle of Man is a vibrant business centre, endorsed by world-class businesses that choose the Isle of Man as their base, with the facilities and services to support them, offering a capital-efficient environment for businesses and their customers.
Sound governance and promotion of the sector is led by representative body The Manx Insurance Association (MIA).
The Isle of Man is recognised as being one of the leading centres for captive insurance and has attracted high quality captive business from all over the world. It has an established captive insurance sector with various licensed captives, well-supported by a large workforce and other financial services.
A broad range of captive management services are available, ranging from small local operations to representatives of the world’s leading captive management groups.
Captives have become a vital part of large companies’ risk management strategy and continue to offer one of the most effective and widely used mechanisms for risk treatment.
Isle of Man legislation offers a wide range of captive structures, including single-parent captives, association captives, sponsored captives, Protected Cell Company (PCC) captives, limited liability partnership captives, and captives writing third-party business under limited third-party authorisation.
The Isle of Man is a vibrant business centre, endorsed by world-class businesses that choose the Isle of Man as their base, with the facilities and services to support them.