Cayman continues to see boom in registrations
Cayman as a domicile is going from strength to strength, according to Kara Ebanks, Head of the Insurance Supervision Division at the Cayman Islands Monetary Authority (CIMA).
Speaking at the start of the second full day of the Cayman Captive Forum Ebanks said that the domicile is going from strength to strength and offers opportunities for further expansion.
According to Ebanks 2023 has so far seen 38 new licenses issued, taking the total of international insurance entities registered on the island to 699, up on the 2022 figure of 670.
She said that captive formations are leading the new registrations on Cayman, with another observed trend being the increasing utilisation of existing captives. There has also been an increase in the number of members joining group captives.
The diversity of new companies registered on the island continues to be a wide one, she said, adding that there is a wide range of coverage provided by these companies / applicants.
The Cayman Islands has momentum, she said, with consumer protection being an important facet, along with data protection as well.
She stressed that Cayman is complying with international requirements and welcomed its removel from the Financial Action Task Force’s grey list.
Ebanks said that Cayman is also leading the way in insurance regulation, with best practice and highest international standards.
Finally she identified some of the emerging risks that insurance companies have been highlighting, which include climate change & ESG, reinsurance capacity, cyber security & data protection, capital adequacy and insuretech.