🏠 Cayman Islands National Insurance Company expands into home insurance
📈 Offering parametric insurance to homeowners as part of its broader expansion plan
The Cayman Islands National Insurance Company (CINICO), a government-owned entity, has announced its entry into the home insurance sector. This comes after the company extended its services to include motor insurance earlier this year. CINICO is now offering parametric insurance to homeowners, either as a standalone policy or as part of its basic package. This type of insurance coverage automatically pays out pre-agreed amounts to cover incidental expenses in the event of a Category 3 or above hurricane passing within a specified distance from the Cayman Islands, without the need to submit a claim. Homeowners can expect to receive a payment within 14 to 21 days after such a storm, to help with expenses not typically covered by insurance. 🌀
This new offering forms part of CINICO's broader expansion plan announced in 2022, aiming to ensure Cayman Islands homeowners and residents have sufficient insurance coverage in an increasingly vulnerable market. CINICO's CEO, Michael Gayle, expressed his excitement about the new offering and emphasized that parametric insurance coverage will be included as a standard feature of CINICO’s home insurance policies for the first time in the Cayman Islands. The company's venture into homeowners insurance is in line with its mission to ensure a resilient insurance sector. Gayle also highlighted that reinsurance restrictions have imposed limits on the number of policies that CINICO can issue for the rest of the year, especially considering the potentially active hurricane season. However, he expects the parametric product to be a successful addition to the insurance market and anticipates having to seek additional capacity in 2025 to meet the demand. 💼
Juliana O’Connor-Connolly, the Premier and Finance Minister who holds responsibility for CINICO, welcomed this new advancement in the Cayman Islands insurance market. She stressed the importance of a strong and stable insurance industry for the resilience of the islands and hailed the inclusion of parametric coverage as a significant step forward in ensuring residents are well-protected. 🏝️
