2018 Marks Solid Year for Cayman International Insurance

Cayman’s international insurance industry enjoyed a strong 2018; with
final quarter figures recently published by the Cayman Islands Monetary
Authority (CIMA).

33 new licenses were issued in 2018, bringing the total number of
insurance licensees to 830. Of these, 101 and 729 relate to domestic and
international insurance markets respectively. The total value of
premiums at the end of 2018 was over US$15.4 billion and the total
assets were over $68.7 billion. These figures were up substantially from
premiums reported at US$12.4 billion and total assets at US$61 billion
at the end of 2017.

Class B, C and D licensees totaled 703 – up from 696 in 2017. 21% of
insurance companies in these groups were formed as segregated portfolio
companies. Pure captives and group captives represented the two main
categories.

The Insurance Managers Association Cayman (IMAC) Chair, Erin Brosnihan
remarked on the domicile’s robust formations, despite a soft market.

“Strong figures in 2018 reinforce our move to the global communication
platform 'Cayman International Insurance' last year,” said Ms Brosnihan.
“As our domicile continues to evolve as a multi-pronged insurance
industry, we too will continue to promote the Cayman Islands as the
better alternative. These Q4 results are promising, and we look forward
to further growth this year.”

Ms Brosnihan added: “We also note that the 2018 figures did not include
Portfolio Insurance Companies (PICs), which would only further increase
the numbers.”

PICs are regulated by CIMA, but do not need to be separately licensed as
an insurance company.

2018 also saw the Cayman Islands maintain its top spot in the Global
Financial Centre’s Index.

“This is another testament to the domicile’s leadership,” said Ms
Brosnihan. “Ratings take into account more than 100 key criteria. They
are measured by a number of major international bodies, such as the ICT
Development Index, the Telecommunication Infrastructure, and the
Government Effectiveness rating – which is supplied by the World Bank.”

In 2018 IMAC launched the “Cayman International Insurance” brand to
communicate the domicile’s capabilities and benefits in the areas of
captive insurance, reinsurance and insurance linked securities (ILS).
For more information, see the Cayman
International Insurance LinkedIn page.

For additional information, including regularly updated statistics on
insurance licensing, visit the website of the Cayman Islands Monetary
Authority by going to: www.cima.ky

The Cayman Islands is an international insurance centre with a
40-year-plus history in international insurance products, specializing
in captive insurance, ILS structuring, and reinsurance. Cayman also
hosts the world’s largest captive insurance conference, attracting 1,500
captive owners, directors, officers, reinsurers, ceding carriers,
brokers, consultants, and service providers.

The 2019 Cayman Captive Forum will be held at The Ritz-Carlton, Grand
Cayman, from December 3 – 5, 2019. For more information on IMAC, visit www.caymancaptive.ky.

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