Isle of Man Finance

The Isle of Man has developed into one of the world’s largest offshore life assurance jurisdictions. The Island's combination of highly skilled staff, innovative product design and strong but appropriate regulation has led to strong sustained growth in the market. The Island is home to international life assurance arms of many of the world’s leading financial services groups.

An indication of how successful the Island has been at attracting new life business is given by the total funds under management for the sector. For the year ended 31 December 2008 these totalled in excess of £37 billion, with new premium income in excess of £8 billion.

In addition to product innovation, policyholder security is a key aspect of the Island’s offering. A statutory policyholder protection scheme is in operation which ensures that, in the event of a life assurance company being unable to meet its liabilities to its policyholders, up to 90% of the liability to the protected policyholder will be met. Unlike many other policyholder protection schemes, the Island's scheme operates globally, providing protection to policyholders no matter where they reside.