Emerging sectors on the Isle of Man
Medicinal Cannabis and Cleantech are two key emerging sectors in the Isle of Man’s economy.
The Isle of Man is known for its innovation and dedication to developing high value, well regulated sectors, and the Medicinal Cannabis sector will be another excellent example of that. With licences available to biomed companies for the production, distribution, and export of medicinal cannabis or hemp products, the future of this industry will be varied and fast growing.
Cleantech is another emerging industry, although in essence it is not a sector in its own right as it cuts across all sectors, consisting of businesses working in sub-sets of renewables, low carbon and environmental.
The past year has seen an unprecedented growth in political interest in the Environmental agenda; and CleanTech is a natural fit for the Island’s businesses in our high tech engineering, construction, digital and finance sectors as they start their Environment Social and Governance (ESG) journeys to NetZero within our internationally recognised UNESCO Biosphere.
The Isle of Man offers excellent natural resources, including one of the best wind resources in the British Isles, a 5m tidal range and a spring tide that travels at 3m per second- providing an ideal testing ground for those working to develop tomorrows Clean Technology solutions.
As part of the Isle of Man’s response to climate change the Isle of Man Government is committed to transitioning to a net-zero emissions Island for the benefit of the environment, the Manx people, and to be a responsible global partner.
This will create business opportunities in many areas including the improvement of heating and energy efficiency in buildings, the generation of renewable energy and the provision of energy storage facilities and the introduction of low carbon vehicles.
This industry is set to be very important in the coming years and will likely grow as a consequence.
The Isle of Man is a multi-award winning financial services centre, providing premium investment wealth management, fiduciary and administration services to a global client base. Within this environment, many global organisations have chosen to operate employee benefit solutions for their international talent pools.
International employee benefit provision is evolving rapidly and becoming ever more complex. Parallel to an increasingly global and fragmented workforce is a multiplication in the composition of benefits packages required to attract and retain quality people. As a result, the associated costs and risks are rising rapidly and this is set to continue. We are building an employee benefits ecosystem to meet this challenge for employers.
The core services are here already: retirement, savings, protection products, trusts, wealth management, payroll and professional support services. We are able to harness these so that employers can control costs and apply governance oversight to their international benefit programmes from a single, well-regulated environment in a central time zone.
The Isle of Man has an established insurance industry spanning over 50 years and is home to world-leading insurance brands, providing premium investment and wealth management services to global clients across a wide range of products.
Insurance technology (Insurtech) innovation is accelerating at an unprecedented rate globally, and with an already well established insurance sector on the Island, the Isle of Man is ideally placed to become a platform for development.
Following a detailed feasibility and planning phase, the Isle of Man is collaboratively working alongside some key players within the industry to support the development of the Island's Insurtech ecosystem. This collaboration of the public and private sectors enhances skills and talent, and ensures a welcoming regulatory environment for insurance innovation. A programme to develop collaborative links with other international Insurtech and Fintech hubs worldwide is also underway.
Our years of experience and extensive global knowledge make the Island an attractive base for Insurtech businesses to operate from.