There were a total of 830 insurance licensees under the supervision of the Insurance Supervision Division (the “Division”) as at 31 December, 2018, of which 101 and 729 related to domestic and international insurance markets respectively. There were 27 insurers licensed to offer their products in the domestic market, supported by 74 insurance intermediaries. There were a total of 703 Class “B”, “C” and “D” insurance companies and 26 Insurance Managers under the supervision of the Division as at 31 December, 2018. Pure captives and group captives represented the two main categories, with 312 and 120 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.
The Cayman Islands is the leading jurisdiction for healthcare captives representing almost one-third of all the captives. As at 31 December, 2018, Medical Malpractice Liability (“MedMal”) continues to be the largest primary line of business with approximately 32% 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%).
The graph below details the number of Class “B”, “C” and “D” Licensees by year and as of 31 December, 2018.