Insurance Corporation was established by Peter Walpole in 1982 with a share capital of £500,000. Within 18 months Insurance Corporation had won the States of Guernsey business, and later added the States of Jersey and Alderney accounts, all of which we still hold, alongside the business of many of the Islands’ leading companies and organisations.
The Channel Islands presented an ideal environment in which to set up the business. Until then, insurers tended to treat the island as just another English county and so the island’s brokers had no local insurer to whom they could look. Insurance Corporation was able to offer a local service providing policies and premiums geared purely towards the local risk environment, rather than that in the UK.
One of our underlying beliefs was that, on the political and regulatory fronts, there was less bureaucracy and more encouragement for the entrepreneurs in the Channel Islands than in the UK, enabling Insurance Corporation to quickly produce more innovative and flexible products.
In 1985, now with a team of 10, Insurance Corporation was granted a permit to operate in Jersey. A year later, the Company was sold to Royal Insurance plc and today continues to operate as an autonomous subsidiary of RSA Insurance Group plc. Since then the local, domestic insurance business of Royal Insurance, Sun Alliance Insurance and Generali have been integrated into our portfolio.
2011 sees Insurance Corporation based at Dixcart House, St Peter Port and with an underwriting room in Queen Street, St Helier. We have evolved into the Channel Islands’ leading insurer with over thirty thousand policyholders and insuring a wide range of risks from houses, cars and yachts to department stores, power stations, farms and ferries. To maintain this position, we place a high emphasis on our 40 strong staff attaining professional qualifications.