There were a total of 771 insurance licensees under the supervision of CIMA as at 31 December, 2020, of which 96 and 675 related to domestic and international insurance markets respectively. There were 27 insurers licensed to offer their products in the domestic market, supported by 69 insurance intermediaries. There were a total of 652 Class “B”, “C” and “D” insurance companies and 23 Insurance Managers. Pure captives and group captives represented the two main categories, with 281 and 125 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 December, 2020, 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 almost 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 31 December, 2020.