There were a total of 764 insurance licensees under the supervision of the Insurance Supervision Division (the “Division”) as at 31 December, 2019, of which 94 and 670 related to domestic and international insurance markets respectively. There were 26 insurers licensed to offer their products in the domestic market, supported by 68 insurance intermediaries. There were a total of 646 Class “B”, “C” and “D” insurance companies and 24 Insurance Managers under the supervision of the Division as at 31 December, 2019. Pure captives and group captives represented the two main categories, with 283 and 123 companies respectively. Twenty percent (20%) 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 December, 2019, 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 over 21% of companies assuming this risk.
The Cayman Islands international insurance industry is comprised mainly of companies insuring risks in North America (91%).
The graph below details the number of Class “B”, “C” and “D” Licensees by year and as of 31 December, 2019.