There were a total of 840 insurance licensees under the supervision of the Insurance Supervision Division (the “Division”) as at 30 September 2017, of which 107 and 733 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 706 Class “B”, “C” and “D” insurance companies and 29 Insurance Managers under the supervision of the Division as at 30 September 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 third quarter of 2017, 7 new insurer licences were added to the Cayman Islands’ insurance sector. As of 30 September 2017 total premiums were reported at US$12.4 billion and total assets were reported at US$62 billion.
The Cayman Islands is the leading jurisdiction for healthcare captives representing almost half of all the captives. As at 30 September 2017, Medical Malpractice Liability (“MedMal”) continues to be the largest primary line of business with approximately 33% companies (re)insuring MedMal, and Worker’s Compensation the second largest with 22% companies assuming this risk. The Cayman Islands international insurance industry is comprised mainly of companies insuring risks in North America (90%).