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Newsletter | Articles GUERNSEY FINANCE SECTOR EMPLOYMENT STILL RISING 26 August 2003 Guernsey's Income Tax Authority has released figures showing that the Bailiwick's finance sector industry increased in size in 2002, with total employment rising from 9,900 in 2001 to more than 10,000 at the end of 2002, and the total salary bill rising to GBP 259 m as against GBP 242 m in 2001. These figures give the lie to continual downbeat announcements and surveys emanating from various quarters about the jurisdiction's supposedly declining finance industry. Indeed, statistics provided by the Financial Services Commission also tell a more cheerful story, with deposits in Guernsey banks increasing by 3% in the first quarter of 2003 to GBP 74 bn. The value of Guernsey open and closed-ended funds at the end of March 2003 reached £34.2 billion, an increase of 3.7% over the value at the end of 2002. Within that total, the value of closed-ended funds rose by 3.2% to £17.7 billion, while the value of open-ended funds increased by 4.5% to £15.9 billion. Since the beginning of 2003, the overall number of open-ended funds has increased by four, and the number of sub-funds in umbrella and multi-class structures by a remarkable 51. The total number of closed-ended funds has increased by five. A June report from insurance ratings agency AM Best also showed that the Guernsey captive insurance market is as healthy as ever with much potential for further growth. According to AM Best's figures, Guernsey has captured 10.6% of new captive business compared to a 9.7% share for the BVI, 15.2% for Vermont and 17.1% for Bermuda. According to the Financial Services Commission, thirteen new insurance company licences were issued last year, whilst 38 new protected cells were formed. Jurisdiction information: ILS GUERNSEY DATASHEET