CIMA figures show Cayman on track for a strong year

The Cayman insurance industry has rebounded in the first half of 2021, according to figures from the Cayman Islands Monetary Authority (CIMA).

Its update for the second quarter shows 20 new re/insurers licensed in the six months to the end of June 2021, compared to just 12 in the same period last year and 36 for the whole of 2020. The  regulator’s figures show there were a total of 770 insurance licensees under CIMA supervision by the end of the first half, the majority (678) related to international insurance markets. Nine out of ten companies insured risks in North America.

Pure captives and group captives accounted for the lion’s share of licenses, with 279 and 125 companies, respectively. Healthcare captives represented almost one-third of all those on the islands.

Meanwhile, more than a fifth (22%) of the total Class “B”, “C”, and “D” insurance companies were formed as segregated portfolio companies, with over 600 segregated portfolios.

“The Authority is pleased with the continued growth of the Cayman Islands’ international insurance sector even at a time when a global pandemic continues to pose serious challenges to corporates and economies,” said a statement by CIMA. “This growth is a testament to the Cayman Islands’ leading position as a strong, safe and reliable international re/insurance jurisdiction.”

The Insurance Managers Association also welcomed the news. It announced it would now move forward with a virtual version of its  Cayman Captive Forum 2021.

Jackie Campbell, forum committee chair, said: “While we are disappointed that we are unable to welcome our clients, friends and colleagues back to Cayman this year, we are excited to host what promises to be an excellent conference in a virtual format. We are hopeful we will be able to move forward with an in-person program again in 2022.”