The Cayman Islands has reported robust growth in the captives and insurance industry in Q1, 2020, with the Cayman Islands Monetary Authority (CIMA) predicting a strong year for the sector to come.
CIMA recently released its Q1 figures for the insurance industry. It said the data show robust growth in the sector, despite the pressures of the COVID-19 pandemic, and a slight contraction in 2019 owing mainly to declines in the US healthcare space.
Cayman Islands ended Q1 2020 with 8 newly licensed insurance companies, including five class Bs; two class Cs - which it noted tend to constitute the bulk of new approvals. It also welcomed one class D company, three portfolio insurance companies and a newly licensed insurance manager in the international sector.
CIMA said the variation in licensee classes highlighted the continued evolution of Cayman’s insurance sector.
As at March 31 there were 660 non-domestic insurance licensees under the supervision of CIMA’s Insurance Supervision Division, of which 629 are class B licensees, 25 are class C licenses and six are class D licensees. There are also 25 licensed insurance managers in Cayman.
Pure captives and group captives make up the majority of non-domestic insurance licenses, accounting for 283 and 125 companies, respectively.
Of the class B, C and D licenses, 20 percent were formed as segregated portfolio companies, with over 600 separate segregated portfolios in their ranks.
Colin Robinson, chair of the Insurance Managers Association Cayman (IMAC), welcomed the diversity in license types issued by CIMA in Q1, which he said “speaks volumes as to the progressive reputation the jurisdiction has.”
Cayman Islands Monetary Authority, CIMA, Insurance Managers Association Cayman, IMAC, Colin Robinson