The Cayman Islands Monetary Authority (CIMA) issued 33 captive insurance licenses in 2018, and surrendered 26, bringing the total to 703.
Overall the total number of active captive insurance licenses in the domicile is up from 696 in 2017, an increase of 7.
Cayman has a total of 830 insurance licenses in the domicile, of which 101 relate to domestic insurance markets and 729 to international.
At the end of 2018, the total value of premiums in Cayman's international insurance industry was over $15.4 billion, and the total assets over $68.7 billion. These figures are up from premiums at $12.4 billion and total assets at $61 billion at the end of 2017.
Class B, C and D licensees - which fall under captives - total 703. 21 percent of insurance companies in these groups were formed as segregated portfolio companies, with pure captives and group captives representing the two main categories.
Insurance Managers Association Cayman (IMAC) chair Erin Brosnihan remarked on the domicile’s robust formations, despite a soft market.
“Strong figures in 2018 reinforce our move to the global communication platform 'Cayman International Insurance' last year,” said Brosnihan. “As our domicile continues to evolve as a multi-pronged insurance industry, we too will continue to promote the Cayman Islands as the better alternative. These Q4 results are promising, and we look forward to further growth this year.”
Brosnihan noted that the 2018 figures did not include portfolio insurance companies (PICs), which would further increase the numbers.
CIMA regulates PICs, but they do not need to be separately licensed as an insurance company.
In 2018, IMAC launched its international brand, Cayman International Insurance, to communicate the domicile’s capabilities and benefits in the areas of captive insurance, reinsurance and insurance linked securities (ILS).
CIMA, IMAC, Captive insurance, Cayman Islands