Can captive insurance help grow Turks and Caicos GDP?
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
Reinsurance experts gathered in the Turks and Caicos Islands (TCI) to grow their unique industry sector, tomorrow, Friday, 15 November 2013.
The TCI is home to 5,800 registered captive insurance companies, of a global total of around 8,000. The sector is the Islands second largest contributor to GDP, at around 12% or after tourism. The Islands’ GDP is forecast to be worth $558.9 million in 2013.
Captive insurance is insurance, or reinsurance, provided by a company that is formed primarily to cover the assets and risks of its parent company. A captive insurance company, therefore, is an in house insurance company with a limited purpose to deals with the insurance matters of its parent company, and does not sell policies to anyone else.
This type of insurance is becoming a popular means through which companies can protect themselves financially while having more control over how they are insured.
Some 70 delegates will gather at the Regent Palms Resort and Spa, Providenciales. They will be addressed by TCI Deputy Governor, Anya Williams, and a range of industry experts.
The event is hosted by the Turks and Caicos Association of Insurance Managers (TCAIM), a not-for-profit association whose objectives are to protect the interests of the domestic and offshore insurance industries in the TCI.
This is the second annual Captive Insurance Conference. Attendees are a mix of those already with established captive insurance businesses in TCI and those considering starting operations in the territory.
The captive insurance market offers a tremendous growth opportunity for the Turks and Caicos Islands,” said Anya Williams.
We have a unique lead in the sector with the majority of the industry being based here. The Turks and Caicos certainly has the right talent and regulatory environment to do this.
Over the last twelve months, the TCI has worked to ensure it is at the forefront of the global movement towards greater financial transparency.
Working with the UK, TCI has implemented the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, produced an Action Plan for increasing the transparency of company beneficial ownership and laid the groundwork to introduce US and UK FATCA agreements early next year.
Captive insurance companies are regulated and supervised by the Financial Services Commission.