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The Committee for Economic Development has appointed PwC to conduct a strategic review of Guernsey’s insurance sector. The review will ensure that Guernsey is well positioned to take advantage of growth opportunities in this sector over the coming years.
The States of Guernsey recognises the importance of the local insurance sector, which complements the finance industry, and has an important role in maintaining and enhancing Guernsey’s position as an international finance centre.
The current global environment means the Island faces challenges and changes similar to the rest of the world and Committee for Economic Development is keen that the insurance sector is well placed to take advantages of opportunities that are created.
Deputy Peter Ferbrache, President of the Committee for Economic Development, said: “We are delighted to have the opportunity to collaborate with PwC on this strategic review so that we can more fully understand the insurance sector and its future opportunities for the Island. This collective piece of work will highlight the potential this sector has and, in particular, what Guernsey needs to address to ensure we are well placed to take advantage of and become an even more important player in this space in years to come.”
The project team at PwC will work together with the States’ Finance Sector Development team and will work with a variety of stakeholders, on and off-island, to guarantee a global perspective is reached.
The team at PwC is made up of local practice individuals with a wide variety of experience of the global and domestic insurance markets. The firm has established a cooperative working relationship with the States of Guernsey on other projects. This substantial experience, coupled with the firm’s global connectivity and industry insights, means the appointed team is well placed to work with key stakeholders to deliver a robust vision for the future of local insurance to inspire both government and industry.
Evelyn Brady, PwC Partner, said: “We’re really proud to have been selected to carry out this piece of work on the local insurance sector. It’s a great opportunity to demonstrate our ability to be innovative and produce meaningful research which can help to form conclusions that work best for Guernsey. Our chosen project team, all of whom share the same commitment and passion for the ongoing success of the Island, will ensure a collaborative approach to this review is taken, drawing on the expertise of stakeholders across and beyond the Bailiwick. Our work will therefore reflect a consensus of opinion and benefit from as wide a reach of expertise and insight as possible.”
The PwC team are due to meet with the key stakeholders over the coming weeks and any interested parties can contact them, or the Finance Sector Development team, if they would like to provide input into the review.
