The BVI Booth at the RIMS Conference in typically busy mode

BVI Insurance Industry makes a big splash in San Diego

The BVI Insurance industry was present in force last week at the world’s largest event for Risk Managers, the annual RIMS Conference, held this year in San Diego, California. Over 11,000 professionals gathered there, and the BVI was represented at a large and impressive booth. Mr. Michael Oliver, the Insurance Regulator in the Financial Services Commission, gave a presentation to almost 100 people, at which he outlined the benefits of locating in the BVI.

The BVI is rapidly becoming one of the world’s most important jurisdictions for Captive Insurance, a specialist and growing branch of the industry. The majority of clients for the BVI industry are medium US companies, with the Healthcare sector being particularly well-represented.

“We are now the world’s fourth largest Offshore Captive Centre,” explained Oliver, “and growth is running at over 20% per year. Coming to an event such as RIMS means that we are able to spread the word of our capabilities and facilities to a wide but focused audience.”

Captive Managers from five BVI firms, along with representatives from the International Finance Centre, Tourist Board and FSC were all present at the convention and all reported high levels of interest from delegates.

Outlining the business attractions of the territory for the Insurance Industry, Oliver continued: “We are highly competitive and cost-effective, have great experience and people and one of the best regulatory environments in the world. This explains our rapid growth, which has continued in the early part of 2004.”