There were a total of 780 insurance licensees under the supervision of the Insurance Supervision Division (the “Division”) as at 31 March, 2020, of which 95 and 685 related to domestic and international insurance markets respectively. There were 27 insurers licensed to offer their products in the domestic market, supported by 68 insurance intermediaries. There were a total of 660 Class “B”, “C” and “D” insurance companies and 25 Insurance Managers under the supervision of the Division as at 31 March, 2020. Pure captives and group captives represented the two main categories, with 283 and 125 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 March, 2020, Medical Malpractice Liability (“MedMal”) continues to be the largest primary line of business with approximately 26% companies (re)insuring MedMal, and Worker’s Compensation the second largest with over 22% 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 30 March, 2020.