The Cayman Islands Financial Authority (CIMA) has showed the issuance of 40 new world insurance coverage licenses, the biggest selection of licenses issued in one 12 months in additional than a decade, in line with its quarterly insurance coverage sector licensing statistics.
Kieran Mehigan, Chairperson, The Insurance coverage Managers Affiliation of Cayman (IMAC), commented, âIn spite of an overly aggressive world marketplace, the Cayman Islands is an increasing number of the jurisdiction of selection for insurance coverage firms due to our extremely advanced captive trade, transparency, integrity, skilled but versatile risk-based legislation, and obtainable business-focused regulators.â
The CIMA just lately launched licensing statistics for This fall 2023 which confirmed that between October and December 2023, CIMA issued 15 new world insurer licenses that encompass 8 B(i)s, six B(iii)s and one Magnificence C, in addition to two new portfolio insurance coverage firms.
Along with the decade-high of 40 new world insurers, CIMA issued licenses to 8 portfolio insurers and one magnificence D open marketplace reinsurer.
Conventional single-parent captive authorized as B(i) licensees from quite a lot of industries have observed an building up in 2023. The B(iii) license magnificence, majority third-party enterprise, has observed a better building up in numbers as Cayman draws new reinsurers, in particular existence reinsurance firms.
Mehigan added, âThe trade recognizes that CIMA were key in supporting this forged expansion thru their certain engagement, responsiveness, and readability during the licensing procedure. The prerequisites that enabled record-setting new enterprise in 2024 have laid the root for a actually remarkable 12 months for the trade in 2025.â
With the addition of recent licensees in This fall 2023, there are actually 683 Magnificence B, C and D insurance coverage firms authorized within the area. That is the second one easiest selection of such firms in Cayman since 2017.
CIMA has urged that an extra 12 license programs stay beneath evaluate. This expansion in reinsurance process is anticipated to proceed into 2024. The volume of premiums written and general property controlled by way of insurance coverage firms authorized in Cayman doubled in This fall 2023 and now stand at $58 billion and $139 billion, respectively.