The Cayman Islands Monetary Authority (CIMA) issued 33 new insurance licenses in 2022, among the highest numbers of new licenses issued in a single year since 2013, according to new data released by the regulator.
CIMA stated it had a total of 670 international insurance at the end of 2022, the fourth consecutive growth year for the total number of insurance licensees.
Of the 670 international insurance companies, 277 are pure captives, 127 are group captives and 155 segregated portfolio companies (SPCs), meaning 559 can be classed as captives.
This does not included individual cells within the SPCs, while there are also 20 special purpose vehicles, 18 commercial insurers and 73 reinsurance companies.
Lesley Thompson, chair of the Insurance Managers Association of Cayman (IMAC), said the performance of industry in supporting captive owners and insurers navigate tough direct and reinsurance market conditions demonstrated the confidence investors have in the fundamental features of Cayman’s insurance and reinsurance sector.
“Cayman’s exceptional combination of experienced professionals, a responsible yet proportional regulatory regime and tax neutrality continue to make it the domicile of choice for international insurance/reinsurance,” Thompson said.
“Our significant growth in 2022 is a strong motivator to enhance our efforts to engage global investors with the story of the Cayman Islands insurance/reinsurance industry and push for even greater growth in 2023 and beyond.”
Total premium for the 670 companies in the international insurance sector reached $23bn in 2022 with assets under management of $74.1bn.
The vast majority (89%) of risks insured in Cayman relate to North America. Medical malpractice and workers’ compensation continue to be the largest primary lines of business of Cayman insurers with a share of 22% each, followed by general liability (13%) and property (11%).