Students compete to win over global shipping company in Guernsey insurance challenge
- Sixty students from five Guernsey schools competed as insurance managers, pitching captive insurance proposals to a fictional global shipping company
- Teams Green Wave and Oasis reached the final round, separated by just one point in the competition
- The event featured industry speakers including Deputy Mark Helyar and Guernsey Finance chair Paul Sykes
- Guernsey is home to captives of 40 per cent of the FTSE 100 and is the largest captive domicile in Europe
- The fourth annual Insuring the Future event was supported by 17 industry volunteers and five sponsors
Sixty students from five Guernsey schools took on the role of insurance managers for a day, competing to convince a fictional global shipping company to establish its self-insurance operation in the island.
The Guernsey International Insurance Association (GIIA) hosted its fourth annual Insuring the Future event at St James last week, bringing together young talent and seasoned industry professionals to showcase opportunities within the international insurance sector.
Students from the Sixth Form Centre, Guernsey Institute, Blanchelande College, Ladies' College, and Elizabeth College participated in the event, supported by 17 industry volunteers. Adele Gale organised the event.
Working in teams of six, students took on the role of competing insurance management firms responding to a case study from "Ethica," an imaginary global shipping company considering establishing a captive insurance structure. Over the afternoon, teams met with representatives from "Ethica," the Guernsey Financial Services Commission (GFSC), and Zurich, one of the world's largest insurance groups, before presenting their tailored captive insurance proposals.
The Ethica board shortlisted two standout teams—Green Wave and Oasis—to present their strategies in a final round. Just one point separated the winner from the runner-up.
Paul Marquand, head of office for Marsh, praised the initiative: "It was fantastic to be involved in this event. I was genuinely impressed by the students' engagement and how quickly they grasped the complex insurance concepts built into the case study."
The day began with a keynote address from James Stewart, who provided context to the case study and Guernsey's position as a world leader in the sector. Deputy Mark Helyar later joined the event, offering students insight into his work as a lawyer structuring and supporting global insurers. The event closed with prize giving and a speech from Guernsey Finance chair Paul Sykes, who shared opportunities from his four-decade career in international insurance.
The event highlighted the breadth of career opportunities in the sector, from underwriting and actuarial roles to governance, compliance, legal, and accountancy positions. Guernsey's financial ecosystem—supported by expert local professionals and a pragmatic regulatory framework—makes it a premier jurisdiction for captive insurance. The island is currently home to the captives of 40 per cent of the FTSE 100.
James Stewart, chairman of GIIA, said: "The event is important for GIIA, international insurance is often hidden as a small but important part of the financial services industry. Many aren't aware of Guernsey's world leading status as a captive domicile, that the first captive was conceived of and set up in Guernsey over 100 years ago and today there are around 6,000 globally with Guernsey retaining its title as the largest captive domicile in Europe."
Insuring the Future continues to grow year on year, cementing its role in inspiring the next generation of insurance professionals and ensuring Guernsey's continued leadership in international insurance.
The event was sponsored by Horsepool Consulting, PwC Channel Islands, Moore Stephens Channel Islands, W1M and Paratus.
Q&A
Q: What is a captive insurance structure?
A: A captive insurance structure is a self-insurance company that businesses can establish to manage their own insurance needs. In this event, students competed to convince a fictional shipping company called Ethica to set up such a structure in Guernsey.
Q: Why is Guernsey significant in the insurance industry?
A: Guernsey is the largest captive domicile in Europe and is home to the captives of 40 per cent of the FTSE 100. The first captive insurance company was conceived of and set up in Guernsey over 100 years ago, and today there are around 6,000 captives globally.
Q: What career opportunities does the insurance sector offer?
A: The insurance sector offers diverse career opportunities including underwriting, actuarial roles, governance, compliance, legal positions, and accountancy. The event aimed to showcase this breadth of opportunities to inspire the next generation of insurance professionals.
Comments ()