Students taught about international insurance

Monday 04 December 2023

Some students have taken a dive into the deep end of Guernsey’s international insurance industry at the brand-new Guernsey International Insurance Association (GIIA) event ‘Insuring the Future.’

40 Year 12’s from the Sixth Form Centre, the Guernsey Institute, Ladies’ College and Elizabeth College, took part in the half-day conference, held in 1857 at King’s.

During the day they learnt about the key global role Guernsey plays in managing risk, and why some of the world’s largest companies choose Guernsey as their insurance jurisdiction.

In groups, the students played the role of Guernsey insurance managers, working through a client case study to create the best captive insurance for the ‘client’, a large global shipping company. The case study had the students creating an insurance captive structure, considering the risks of war, piracy, lost income, pollution and hull and machinery; as well looking at the financial records of the ‘client’. 

The students learnt about the decision-making process multimillion-pound companies go through when deciding to set up in Guernsey. The case study was brought to life by representatives from Zurich, one of the world’s largest insurers, GIIA, and the Guernsey Financial Services Commission, who each provided insight and their perspectives. Groups were facilitated by volunteers from many of the island’s insurance management industry. 

Industry veteran, Deputy Mark Helyar, gave a keynote speech to the students, showcasing the many different facets of the international insurance industry, such as client relationship leaders, underwriters, actuaries, accountants, and strategic risk advisers. Deputy Helyar spoke about the different global disasters that Guernsey insurance management companies have worked on, illustrating the variety that a job in insurance offers.

Adele Gale, Chair of GIIA, said: “Launching this event was so important to GIIA, as we wanted to engage with the younger generation and show them what a diverse, challenging, and interesting career the international insurance industry in Guernsey can offer. It was a fantastic success and something I hope we will run each year so we can continue with that engagement.

“Thank you to all of the characters, facilitators and judges for getting involved and helping the students get to grips of what the international insurance industry is. It truly was a great event that couldn’t have been run without their knowledge and insight.”