Life insurance is the largest single sector on the Island, generating over 16% 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 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).