Cayman’s international insurance industry enjoyed a strong 2018; with final quarter figures recently published by the Cayman Islands Monetary Authority (CIMA).
33 new licenses were issued in 2018, bringing the total number of insurance licensees to 830. Of these, 101 and 729 relate to domestic and international insurance markets respectively. The total value of premiums at the end of 2018 was over US$15.4 billion and the total assets were over $68.7 billion. These figures were up substantially from premiums reported at US$12.4 billion and total assets at US$61 billion at the end of 2017.
Class B, C and D licensees totalled 703 – up from 696 in 2017. 21% of insurance companies in these groups were formed as segregated portfolio companies. Pure captives and group captives represented the two main categories.
The Insurance Managers Association Cayman (IMAC) Chair, Erin Brosnihan remarked on the domicile’s robust formations, despite a soft market.
“Strong figures in 2018 reinforce our move to the global communication platform ‘Cayman International Insurance’ last year,” said Ms Brosnihan.
“As our domicile continues to evolve as a multi-pronged insurance industry, we too will continue to promote the Cayman Islands as the better alternative. These Q4 results are promising, and we look forward to further growth this year.”
Ms Brosnihan added: “We also note that the 2018 figures did not include Portfolio Insurance Companies (PICs), which would only further increase the numbers.”
PICs are regulated by CIMA, but do not need to be separately licensed as an insurance company.
2018 also saw the Cayman Islands maintain its top spot in the Global Financial Centre’s Index.
“This is another testament to the domicile’s leadership,” said Ms Brosnihan. “Ratings take into account more than 100 key criteria. They are measured by a number of major international bodies, such as the ICT Development Index, the Telecommunication Infrastructure, and the Government Effectiveness rating – which is supplied by the World Bank.”
In 2018 IMAC launched the “Cayman International Insurance” brand to communicate the domicile’s capabilities and benefits in the areas of captive insurance, reinsurance and insurance linked securities (ILS).
For more information, see the Cayman International Insurance LinkedIn page.
For additional information, including regularly updated statistics on insurance licensing, visit the website of the Cayman Islands Monetary Authority by going to: www.cima.ky