Insurance firms in Guernsey are warning they may lose business to places like the Isle of Man as the cost of their regulation goes up.
The Channel Island is planning a 41 per cent price hike for applications for insurance cells and a 21 per cent rise in annual fees with the increases to take effect next year.
And that’s led Martin Le Pelley, the chairman of Guernsey’s International Insurance Association, to describe the rises as excessive and warn that compared to the Isle of Man and the Caribbean, Guernsey is becoming one of the most expensive domiciles for cell insurance in the world.
He says for protected cell structures, the Isle of Man is cheaper when comparing like-for-like.
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