The Isle of Man has a long established insurance industry and is home to a number of renowned companies dating back over 40 years. Originally marketing largely to the retired or working British expatriate, the insurance companies now offer services to expatriates of other countries and local nationals around the world. The industry encompasses: Life, Captive, and General insurance brokering.
The Isle of Man is a leading international centre for life insurance and wealth management. We are a politically and economically stable jurisdiction with a regulatory framework that puts customer protection first.
The Island is home to world-leading brands, providing premium investment and wealth management services to global clients across a wide range of products. Our years of experience and extensive global knowledge mean we make it easy to do business here.
The Isle of Man is an attractive jurisdiction for establishment and management of insurance structures. The sector is strongly represented by the trade body - Manx Insurance Association and is known through the international campaign Isle of Man for Life.
The Island’s non- life insurance sector is predominantly made up of captive insurers and associated specialist insurance management companies, ranging from subsidiaries of the major international insurance broking and risk management organisations to local operations.
Third party commercial writers and providers of insurance to individuals make up a relatively small portion of the non- life market in the Isle of Man.
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. Captive insurance companies have become a vital part of group risk management strategies and continue to offer one of the most effective and widely used mechanisms for risk management.
Captive insurance management is well-supported by an expert workforce, and the wider financial services sector in the Isle of Man. We will support specific initiatives in both areas, and also seek to develop, with key stakeholders, new insurance opportunities for the Island.
Simon Pickering, Head of Insurance and Pensions, Finance Isle of Man discusses 'Why Isle of Man for Captives?'
The Isle of Man has the oldest continuous parliament in the world. Here we offer both political and economic stability, both important considerations when choosing the domicile of choice for your captive. In addition, the Isle of Man currently holds a Moody's AA 'stable' rating and economically, we are a very low-risk country.
Here in the Isle of Man, we can offer companies quality captive risk management. Why not consider establishing your captive on the Isle of Man today?