Cayman’s captive insurance industry generated $100 million for the island’s economy in 2016, according to an economic impact survey by the Insurance Managers Association of Cayman (IMAC).
The Q3 results from the Cayman Islands Monetary Authority (CIMA) showed the insurance industry for Cayman have total premiums written at nearly $12.4 billion, with assets under management at over $61 billion.
“We’re delighted with 2017 results so far, and are projecting total premiums to rise to around $16 billion by year end,” said IMAC Chair, Erin Brosnihan.
“Over the summer our research and development committee conducted research on precisely how the captive insurance industry benefits the Cayman Islands,” she explained; “we are now very pleased to share these positive results with the government and local community.”
IMAC’s economic survey reported that the captive industry generated $72 million in revenue for Cayman’s service providers, and currently provides employment for about 300 staff of which nearly half are Caymanian.
The Cayman Islands government and its regulatory bodies also received $11 million in fees from Cayman’s captives.
