There were a total of 765 insurance licensees under the supervision of CIMA as at 31 December, 2021, of which 84 and 681 related to domestic and international insurance markets respectively. There were 25 insurers licensed to offer their products in the domestic market, supported by 59 insurance intermediaries. There were a total of 661 Class “B”, “C” and “D” insurance companies and 20 Insurance Managers. Pure captives and group captives represented the two main categories, with 273 and 127 companies, respectively. Twenty-two percent (22%) of the total Class “B”, “C”, and “D” insurance companies were formed as segregated portfolio companies, with over 300 segregated portfolios.
The Cayman Islands is the leading jurisdiction for healthcare captives representing almost one-third of all the captives. As at 31 December, 2021, Medical Malpractice Liability (“MedMal”) continues to be the largest primary line of business with approximately 23% companies (re)insuring MedMal, and Worker’s Compensation the second largest with 22% of companies assuming this risk.
The Cayman Islands international insurance industry is comprised mainly of companies insuring risks in North America (90%).
The below details the number of Class “B”, “C” and “D” Licensees by year and as of 31 December, 2021.