According to figures from the Cayman Islands Monetary Authority (CIMA), the region’s international insurance industry saw continued growth in 2019, with 33 new licences issued.
This was the same number of new licences as in the previous year, with the total number of insurance licensees now standing at 764, of which 670 are related to international insurance markets.
At the end of 2019, the total value of premiums amounted to more than US $18 billion, representing an increase of $2.6 billion from 2018.
Total assets stood at $68.9 billion and were also up on the previous year, with an increase of almost $10 billion over a two-year period.
“Licencing activity for 2019 shows again the strength of the domicile and the continued interest in the Cayman Islands as a jurisdiction of choice,” said Colin Robinson, Chair of the Insurance Managers Association Cayman (IMAC).
“Our new formation numbers are a testament to quality of local and international service providers who work tirelessly for our clients,” he continued. “We are also proud to be supported by international standard leading regulation and laws provided by the Cayman Islands Monetary Authority and the Cayman Islands Government.”
Out of the total number of licenced insurers, there were 646 Class B, C and D companies, with pure captives and group captives representing the two main categories.
Almost one-third of all captives were considered healthcare captives, with around 33% of companies re/insuring medical malpractice liability, and 21% of companies assuming workers’ compensation risk.
