🚗 CINICO expands insurance offerings to include car and home insurance

The Cayman Islands National Insurance Company (CINICO) has started offering motor insurance to all residents of the Cayman Islands, nearly two years after announcing its plans to expand beyond health coverage. The company's expansion will soon include home insurance products, in response to the high cost and uncertain future of coverage for low-lying properties. Financial Secretary Kenneth Jefferson, who oversees CINICO, stated that the aim of this expansion is to improve the overall quality of insurance services for all Cayman consumers, regardless of their insurance provider. 🏠

The expansion required significant investment and effort, including the creation of new departments and staff. The finance ministry has provided the necessary funding for CINICO's product line expansion. Premier and Finance Minister Juliana O’Connor-Connolly explained that the expansion is intended to offer more options for residents, as local coverage is often unavailable at any price. CINICO's move into property insurance is designed to help bridge this 'protection gap'. 🚘

CINICO CEO Michael Gayle stated that the expansion is a crucial step towards the long-term sustainability of the local insurance sector. He highlighted the global and regional struggle of insurance providers to offer home and property insurance due to the risks associated with hurricanes and other natural disasters. Gayle also mentioned that the new products are designed to offer customers more choice in the insurance marketplace, with innovative home and motor policies. 🏢