The life and pensions sector in the Isle of Man has experienced considerable growth over the past year, says the Island's Insurance and Pensions Authority.
In its latest annual report, the IPA says the life sector has “achieved exceptional growth, with records being set for volumes of business written within the sector”, as a return to “more stable, if modest, growth in worldwide equity markets” began to improve confidence in the international life market. It says because of these favourable market conditions, the Island’s life sector has been able to build on its position to see almost 70% growth in gross premium income with a total of £6.72bn compared to £3.99bn in 2005. Meanwhile, the Isle of Man’s life assurance market has seen the aut...
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