Guernsey Finance to host its first insurance meeting in Hong Kong

Guernsey Finance will host its first insurance masterclass in Hong Kong on November 4, 2016.

The masterclass follows the signing of Memoranda of Understanding with both the China Captive Alliance and the Kashgar Government by Guernsey representatives in June this year.

Both agreements set out a statement of intent to facilitate captive insurance market development initiatives between the parties, international communication, financial innovation and information sharing.

The Hong Kong masterclass, which takes place at the PwC Executive Conference Centre in the Central district of Hong Kong, will feature two panel discussions, one on captive insurance and the other on employee benefit trusts (EBTs). It will look at the risk management impact of global developments on innovation and growth in these sectors.

“Guernsey is Europe’s number one captive insurance domicile and is perfectly placed to share the expertise it has gained from more than 50 years of providing financial services,” said Dominic Wheatley, chief executive of Guernsey Finance.

“There is plenty that Asia’s developing and evolving captive insurance sector can learn from Guernsey in this area and we hope that our event will offer guidance and insight into the possible use of captive insurance companies by Asian corporations.

“As Asia becomes more exposed to international management practises, recognition of the economic efficiency of insurance and the financial efficiency of formal risk management, risk transfer and risk financing models will increase.”

The first panel session will examine the benefits of EBTs, how they meet the diverse needs of multinationals and their internationally mobile employees and Guernsey’s role in the world of international employee benefits.

The second panel session will consider the benefits of captive insurance companies, challenges associated with international captive programmes, local issues of domestic Asia captives and Guernsey’s position as a leading captive insurance domicile.

Wheatley added: “Guernsey is Europe’s number one captive insurance domicile and is perfectly placed to share the expertise it has gained from more than 50 years of providing financial services."

Guernsey opened a representative office in Hong Kong earlier this year.