📈 Cayman Islands insurance sector anticipates record-breaking year

The insurance industry in the Cayman Islands is experiencing a period of substantial growth, with the number of premiums written and total assets managed by licensed firms doubling in the fourth quarter of 2023. The total assets now stand at $130 billion, while written premiums amount to $58 billion. The Cayman Islands Monetary Authority (CIMA) issued 40 new international insurance licenses in 2023, the highest number in over a decade, with an additional twelve applications currently under review. Industry experts predict that 2024 will be another exceptional year for the sector. 📊

Insurance Managers Association of Cayman (IMAC) Chairperson Kieran Mehigan attributes this growth to the Cayman Islands' well-developed captive industry, transparency, integrity, and flexible risk-based regulation. Between October and December 2023, CIMA issued fifteen new international insurer licenses, including eight B(i)s, six B(iii)s, and one Class C, as well as two new portfolio insurance companies. The jurisdiction is also attracting new reinsurers, particularly life reinsurance companies. Currently, there are 683 Class B, C, and D insurance companies licensed in the Cayman Islands, making it the second-largest domicile in the world for captives and a leading jurisdiction for healthcare captives, group captives, catastrophe bonds, and international reinsurance. 🏝️

Mehigan commended the regulator for its role in fostering growth in the industry, highlighting its positive engagement, responsiveness, and clarity throughout the licensing process. The conditions that led to record-setting new business in 2023 have set the stage for an exceptional year for the insurance industry in 2024. 🚀