CIMA releases Q3 2024 statistics

The Cayman Islands Monetary Authority (CIMA) has released its licensing statistics for Q3 2024, revealing strong growth in the sector. Between July and September, CIMA issued five new international insurer licenses, including three B(i)s and two B(iii)s, marking what it said is continued momentum in the Cayman Islands' insurance landscape.

“When combined with the 24 new licensees from the first half of 2024, a total of 29 new international insurance licenses have been issued so far this year - representing a notable increase over the same period in 2023,” CIMA said in a statement. “With the addition of these new licensees, the Cayman Islands now hosts 696 Class B, C, and D insurance companies, with approximately $42 billion in premiums written, and $154 billion in total assets, excluding individual cells.

“As we approach the fourth quarter, historically a peak period for new license applications, Cayman’s insurance managers have reported a robust pipeline of new business, while CIMA continues to process several active applications, indicating a positive outlook for further growth.”

Kieran Mehigan, chair of the Insurance Managers Association of Cayman (IMAC), added: “The international commercial insurance, reinsurance, and captive industry in Cayman is thriving. Our jurisdiction’s success is largely due to the Cayman Islands' favourable regulatory environment, robust legal framework, and tax-neutral status, which continue to attract global firms seeking cost-effective and efficient structures. We’re witnessing growth across all captive types, especially in Q2, with a diverse range of new licensees and classes. It’s encouraging to see single-parent and group captives continuing to expand, alongside new commercial reinsurers, all contributing to the growing prominence of the Cayman Islands as a leading jurisdiction.”

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