US territory Guam’s Chamber moots captive insurance as economic fillip

The Guam Chamber of Commerce has called on the Guam government to explore ways of diversifying the country’s economy – including offering captive insurance services.

Guam is an organized, unincorporated territory of the United States in Micronesia in the western Pacific Ocean. It is the westernmost point and territory of the US.

The Chamber of Commerce has been presenting potential solutions to plummeting government revenue projections. Some 33 percent of its economy is driven by tourism, a sector hard-hit by COVID-19.

The chamber said it is working on a whitepaper with members to "develop other industries and take advantage of opportunities to diversify our economy."

The group has identified several areas of economic diversification, including captive insurance, relocation of high wealth individuals and business from Asia and designating the island as a "safe haven port."