There were a total of 836 insurance related licensees under the supervision of the Insurance Supervision Division (the “Division”) as at 30 June 2017, of which 106 and 730 related to domestic and international insurance markets respectively. There were 29 insurers licensed to offer their products in the domestic market, supported by 77 insurance intermediaries. There were a total of 701 Class “B”, “C” and “D” insurance companies and 29 Insurance Managers under the supervision of the Division as at 30 June 2017. Pure captives and group captives represented the two main categories, with 327 and 117 companies respectively. Twenty-one percent (21%) of the total Class "B", "C" and "D" insurance companies were formed as segregated portfolio companies, with over 600 segregated portfolios.
In the second quarter of 2017, 9 new insurer licences were added to the Cayman Islands' insurance sector. As of 30 June 2017 total premiums were reported at US$12.4 billion and total assets were reported at US$62.0 billion.
The Cayman Islands is the leading jurisdiction for healthcare captives representing almost half of all captives. As at 30 June 2017, Medical Malpractice Liability (“MedMal”) continues to be the largest primary line of business with approximately 32% companies (re)insuring MedMal, and workers’ compensation the second largest with 21% companies assuming this risk.
The Cayman Islands international insurance industry is comprised mainly of companies insuring risks in North America (90%).
The graph below details the number of Class “B”, “C” and “D” Licensees by year as of 30 June 2017.