LATEST figures have revealed a best-ever year in terms of new licences issued for the island’s captive insurance sector.

The number of insurance licences issued last year rose more than 50% compared with the previous 12 months and the sector and Guernsey Finance said they would use the success in a bid to boost business further this year.

Figures show that the Guernsey Financial Services Commission licensed 72 international insurers during 2011, a 53% increase from the 47 approved during 2010. And more are expected in 2012.

This has helped push the net number of international insurance entities licensed in Guernsey up by 12, from 675 at the end of 2010 to 687 at the close of 2011. Licences were issued for captive insurance companies, protected cell companies, incorporated cell companies and, in particular, PCC (40) and ICC (seven) cells.