Guernsey Students became insurance managers for the day, competing against each other to convince a global shipping company to set up their self-insurance company in Guernsey at GIIA’s Fourth ‘Insuring the Future’.
The Guernsey International Insurance Association (GIIA) hosted its fourth annual Insuring the Future event last week at St James, bringing together young talent and seasoned industry professionals to showcase the dynamic opportunities within the international insurance sector.
The event welcomed 60 students from five local schools – the Sixth Form Centre, Guernsey Institute, Blanchelande College, Ladies’ College, and Elizabeth College – supported by 17 industry volunteers and organised by Adele Gale.
Working in teams of six, students took on the role of competing insurance management firms responding to a fictional 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.
After careful consideration, the Ethica board shortlisted two standout teams – Green Wave and Oasis – to present their strategies in a final round. The competition was tight, with just one point separating the winner from the runner-up, highlighting the high calibre of student engagement and performance.
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 gave context to the case study and Guernsey’s place as a world leader. Later, Deputy Mark Helyar joined the event, offering students a unique perspective on his work as a lawyer structuring and supporting global insurers. The event closed with the prize giving and an inspiring speech from Guernsey Finance Chair Paul Sykes who explained some of the opportunities he has had in his personal career spanning four decades in international insurance.
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.”
