30 November 2017Analysis

Cayman captive market strong claims CIMA head

The Cayman captive market is in good health, according to Ruwan Jayasekera, Head of Insurance at CIMA, as he addressed delegates at the Cayman Captive Forum.

Jayasekera confirmed the jurisdiction had 705 captives registered up to September 2017. He stated the domicile's strength particularly in healthcare, representing between 40-45 percent of all healthcare captives and also being a leading jurisdiction for group captives.

He stated that Cayman as a domicile had gone "for quality, not quantity" and adopted a "responsible, pragmatic" approach towards applications. He shared figures of meetings with licensees for 2017, these totalling 350 meetings with 40 held or planned this week.

Recognising the increased scrutiny regarding financial services in Cayman he was confident the "robust, regulatory framework" in place would enable the jurisdiction to meet these challenges.

He reiterated a recurring theme; anti-money laundry and how Cayman was working closely with international bodies to minimise this type of crime.

Looking forwards to the next 20 years, he acknowledged a very different world for insurance would emerge, due to factors such as blockchain, artificial intelligence. Jayasekera said that a modern, flexible framework is in place to ensure that challenges within the industry will be met.