Fast Market Research recommends "The Insurance Industry in the Isle of Man, Key Trends and Opportunities to 2017" from Timetric, now available

Boston, MA -- (SBWire) -- 05/08/2013 --The Isle of Man is one of the leading offshore financial centers in the world. Business-friendly and transparent regulations coupled with excellent infrastructure have created a thriving business environment on the island. It successfully avoided the effects of the global financial crisis by achieving a 28th successive year of economic growth in 2012. The insurance industry is an integral part of the Isle of Man's financial sector and accounted for 13.0 % of its GDP in 2011. The island has emerged as a hub for captive insurance and offshore life insurance businesses. The Manx insurance industry is well diversified with 213 licensed insurance entities at the end of 2012, including insurers, insurance management companies and insurance intermediaries. Over the forecast period, stable economic growth, a favorable regulatory environment, the availability of an experienced workforce and the cost advantages of running a business on the island will drive the growth of the domestic as well as offshore insurance industry in the Isle of Man.

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Key Highlights

- The Isle of Man is one of the leading offshore financial centers in the world.
- Despite tough economic conditions, the Manx economy grew by 3.4% in real terms in 2012.
- The Manx government has taken incentives to diversify its economy to expand growth and employment opportunities.
- The key business opportunities include further development of high-technology companies such as space exploration and satellites, e-gaming, shipping, aircraft, and the film industry.
- The development of these new sectors is adding substantial value to economic growth and employment generation, and will drive demand for insurance products.
- The development of the EU's Solvency II framework for insurers will have an impact on the island's insurance industry, with its concept of 'equivalence' for third countries' regulatory regimes.

Scope

This report provides a comprehensive analysis of the insurance industry in the Isle of Man:

- It provides historical values for the Manx insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Manx insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in the Isle of Man and outlines the key regulations affecting them

Reasons to Get This Report

- Make strategic business decisions using in depth historic and forecast industry data related to the Manx insurance industry and each segment within it
- Assess the competitive dynamics in the Manx insurance industry

Companies Mentioned in this Report: Tower Insurance, Isle of Man Assurance Group (IOMA), Zurich International Life Ltd

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