CIMA issues 33 insurance licenses in 2019

The Cayman Islands Monetary Authority (CIMA) issued 33 new insurance licenses in 2019, matching the number of new licenses issued the previous year.

There were 764 insurance licensees under the supervision of Cayman’s insurance supervision division at the end of 2019, with 670 related to international insurance markets.

Pure captives and group captives represented the two main categories, with 283 and 123 companies respectively.

There were 646 class B, C, and D insurance companies operating in Cayman, 20 pertcent of which were formed as segregated portfolio companies, with over 600 segregated portfolios and 27 portfolio insurance companies.

The total value of premiums at the end of 2019 was over $18 billion, a rise of $2.6 billion from 2018.

Medical malpractice liability continues to be the largest primary line of business among Cayman captives, with approximately a third of companies re/insuring this line of coverage. Workers’ compensation was the second largest line, with over 21 percent of companies assuming this risk.

Colin Robinson, chair of the Insurance Managers Association Cayman (IMAC), said: “Our new formation numbers are a testament to the quality of local and international service providers who work tirelessly for our clients. We are also proud to be supported by international standard leading regulation and laws provided by CIMA and the Cayman Islands government.”