28 March 2023Analysis

CIMA: strong growth in Cayman in 2022

New data released by the Cayman Islands Monetary Authority (CIMA) shows ‘exceptionally strong’ growth in new licenses issued in 2022 that according to the Authority demonstrates the continued resiliency of the Cayman Islands insurance/reinsurance industry following a historic pandemic and notable global economic headwinds.

Based on data from the fourth quarter of 2022 CIMA issued 33 new licenses over the year, which it said represents one of the highest number of new licenses issued in a single year since 2013.

CIMA also reported a total of 670 insurance licenses in Cayman at the end of 2022, the fourth year in a row of growth in the total number of insurance licenses.

“Continued strong growth of the insurance/reinsurance sector in Cayman, in supporting captive owners and insurers navigate tough ongoing direct and reinsurance market conditions, demonstrates the confidence investors have in the fundamental features that make the Cayman Islands a leading insurance/reinsurance jurisdiction,“ said Lesley Thompson, chair of the Insurance Managers Association of Cayman (IMAC). “Cayman’s exceptional combination of experienced professionals, a responsible yet proportional regulatory regime and tax neutrality continue to make it the domicile of choice for international insurance/reinsurance.”

IMAC added that it is focused on supporting continued growth in the sector through expanded engagement to market the industry and the jurisdiction internationally. Late last year, IMAC hosted the Cayman Captive Forum in person for the first time since the pandemic, drawing in a record number of attendees.

“Our significant growth in 2022 is a strong motivator to enhance our efforts to engage global investors with the story of the Cayman Islands insurance/reinsurance industry and push for even greater growth in 2023 and beyond,” concluded Thompson.