GUERNSEY’S international insurance sector is thriving on the back of the continuing global economic downturn.

Figures from the Guernsey Financial Services Commission show that nearly 100 new international insurers were licensed during 2012.

‘During recessionary times risk management probably comes to the fore a little bit more,’ said Martin Le Pelley, pictured, president of the Guernsey International Insurance Association.

‘Companies are feeling the effect of the downturn, looking for ways to manage risks and mitigate volatility in terms of cash flow and their financial position. In that context captive insurance can be a useful tool in their armoury.’