Isle of Man Life Insurance & Wealth Management Sector

Leading companies

Home to leading life insurance and wealth management companies.

2,000 employees

2,000 people employed in the sector.

Expatriates and local nationals

Products for expatriates and local nationals around the world.

Serving multiple needs

Strongly represented and competitive in the following sectors

- Traditional Expatriates (No. 1)

- Local Affluent Savings (top 3)

- UK Offshore (No. 2)

- MNC EB (top 3)

- International Portfolio Bond (top 3)

- NRI+ (No. 1)

Source: NMG Consulting cross-border market model ratings

Isle of Man Insurance Association

Isle of Man Insurance Association promotes professionalism, excellence, and networking opportunities across the industry.

Wide product range

Wide range of products. Superior product benefits and features which include international investment options, risk benefits, and guarantees.

Well-regulated

We are recognised by the International Monetary Fund (IMF) as a well-regulated finance centre of excellence.

Gold standard

Our regulation is closely aligned to the International Association of Insurance Supervisors (IAIS) and its core principles – a gold standard for insurance supervision.

Financially sound

The Isle of Man’s Insurance Act 2008 (updated as per the Insurance (Amendment) Act 2017), ensures businesses are fit, proper and financially sound.

Customer protection

Our regulation protects customers with a range of statutory measures:

- Robust risk-based capital solvency regime which ensures that companies always have sufficient capital to operate and meet their liabilities due to policyholder

- Policyholders’ Compensation Fund which, in the event of a company being unable to meet its liabilities to policyholders, will pay a sum up to 90% of the amount of any liability to the policyholders

Conduct of Business Code

The Conduct of Business Code was introduced in 2019 to further enhance consumer protection. The Code applies a range of principles to insurers’ business practices in order that policyholders are treated fairly, including the requirement to provide new customers with standardised information in the form of a Key Information Document or a Summary Information Document.

Different currencies

We have expertise in providing investment products in different currencies including US Dollar, Sterling and Euro.

Self-governing

We are self-governing with our own Parliament, Government and laws. In fact, Tynwald, the Parliament, is recognised as the oldest continuous Parliament in the world.

£81.6bn funds under management

Funds under management rose to £81.6bn in 2021 (FSA audited figures).

£7.5bn gross premiums

The gross premiums reported to the FSA reached £7.5 billion in 2017, an increase of 15.5% from £5.8billion in 2016 (FSA audited figures).

22.4% GDP

Insurance is the largest single financial services sector on the Island, generating 22.4% GDP.

Robust economy

We have a robust economy with a GDP of £5.01bn in 2017 (a year on year increase of 9.8%) and healthy reserves.