The Isle of Man; a hub for offshore life insurance

With an aging population the demand for life and health insurance products is expected to increase in the Isle of Man.

Due to a rising and aging population, the Isle of Man has emerged as a hub for captive insurance and offshore life insurance businesses. The population aged above 65 years as a percentage of the total population increased from 17.2% in 2007 to 18.2% in 2011.

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 in the island. 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 Manx insurance industry is well diversified with 213 licensed insurance entities at end of 2012, including insurers, insurance management companies and insurance intermediaries. According to new research from Timetric, stable economic growth, a favourable regulatory environment, the availability of an experienced workforce and the tax advantages of running a business on the island will drive the growth of the insurance industry towards 2017.