The Bailiwick of Guernsey consists of the island of Guernsey as well as the islands of Alderney, Sark, Herm, Jethou and Lihou. Alongside the Bailiwick of Jersey it forms the grouping known as the Channel Islands.

Guernsey itself has an area of 24.5 square miles and is situated 31 miles west of the French coast and 75 miles south of the south coast of England. Around 65,000 people live in the Bailiwick of Guernsey.

Guernsey is not part of the United Kingdom although the British Crown is responsible for its defence. While not a member of the European Union it has a special relationship with the EU for the purposes of the free trade of goods and services.

Keep reading to find out more about Guernsey’s financial system.

Financial services account for more than a third of Guernsey’s GDP

Guernsey has a large financial services industry and this sector accounts for around 37 per cent of the Bailiwick’s GDP. There are £83 billion in deposits in Guernsey.

In 2013 there were 2,038 employing businesses in Guernsey with a fifth of these being in the finance industry. The insurance and risk management industry in Guernsey has its origins dating back to the 18th century and captives have been incorporated in the Island since 1922. Guernsey’s insurance industry is renowned for its innovation and professionalism in providing a range of risk management solutions.

The finance sector in Guernsey is regulated by the Guernsey Financial Services Commission. The Commission’s primary objective is to regulate and supervise financial services in Guernsey and to uphold the international reputation of Guernsey as a finance centre. The Commission regulates insurance managers, who facilitate insurance business, and insurance intermediaries, mostly covering local broker requirements.

From November 2015 the Channel Islands Financial Ombudsman (CIFO) will have the power to investigate and resolve complaints about financial services provided in/from Jersey, Guernsey, Alderney and Sark.

Life Insurance for Guernsey residents

If you’re looking for life insurance in Guernsey, we can help. We search from a range of providers who specifically offer life protection to Guernsey residents. In addition, we guarantee discounted premiums meaning that when you use us you’ll benefit from lower prices than if you approached an insurer directly.