There were a total of 770 insurance licensees under the supervision of CIMA as at 31 March, 2021, of which 93 and 677 related to domestic and international insurance markets respectively. There were 26 insurers licensed to offer their products in the domestic market, supported by 67 insurance intermediaries. There were a total of 656 Class “B”, “C” and “D” insurance companies and 21 Insurance Managers. Pure captives and group captives represented the two main categories, with 278 and 126 companies, respectively. Over 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.
The Cayman Islands is the leading jurisdiction for healthcare captives representing almost one-third of all the captives. As at 31 March, 2021, Medical Malpractice Liability (“MedMal”) continues to be the largest primary line of business with approximately 24% companies (re)insuring MedMal, and Worker’s Compensation the second largest with over 23% of 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 and as of 31 March, 2021.