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Cayman Islands
Insurance Licensees Statistics
 

2021

2020 2019 2018 2017 2016
Class A Locally Incorporated 9 9 9 9 9 9
Class A Approved External 16 18 17 18 19 20
Class A Total 25 27 26 27 28 29
Class B Captives Excluding SPCs 486 486 490 525 521 536
Class B Captives - SPCs Only 148 138 128 149 148 147
Class B Total 634 624 618 674 669 683

B (i)

452 451 457 501 508 0
B (ii) 14 16 18 20 19 0
B (iii) 168 157 143 153 142 0
Class C Total 21 23 23 25 24 25
Class D Total 6 5 5 4 3 3
Total Insurance Companies 686 679 672 730 724 740
Portfolio Insurance Companies 43 36 27 19 10 7
Licensed Insurance Agents 36 46 45 46 47 46
Licensed Insurance Brokers 23 23 23 26 29 42
Licensed Insurance Managers 20 23 24 26 28 32

 

Domestic Insurance Companies Unaudited Statistics Q2 2022

  Property Motor Health International Health Liability Marine & Aviation Other Life Grand Total
Gross Written Premiums $155,257 $31,328 $205,403 $8,548 $38,769 $25,250 $25,915 $16,795 $507,265
Assumed premiums $14,864 $83 $0 $1,555 $46,922 $2,892 $4,450 $0 $70,766
Ceded premiums -$152,983 -$16,131 -$6,108 $0 -$3,709 -$1,020 -$5,540 -$3,128 -$188,619
Unearned premium adjustment $13,662 -$1,201 -$134 $0 -$109 $106 $5 $0 $12,329
Net Earned Premium $30,800 $14,079 $199,161 $10,103 $81,873 $27,228 $24,830 $13,677 $401,741
Net Claims and Adjustment Expenses Paid Life: Policy holder Benefits & Dividends $9,631 $12,678 $162,024 $4,298 $28,267 $5,118 $7,332 -$0 $229,348
Net change in reported outstanding claims Life: Net changes to Actuarial Liabilities -$7,301 -$4,270 -$31 $0 $19,347 -$5,394 $245 $0 $2,596
Change in IBNR $0 $141 $7,702 $0 -$1 $0 $0 $0 $7,842
Incurred Loss Sub Total $2,330 $8,549 $169,695 $4,298 $47,613 -$276 $7,577 $5,261 $245,047
Acquisition and General Expenses -$2,123 -$637 $15,615 $105 $4,327 $946 $134 $2,853 $21,220
Total Underwriting Expenses $207 $7,912 $185,310 $4,403 $51,940 $670 $7,711 $8,114 $266,267
Underwriting Income / (Loss) $30,593 $6,167 $13,851 $5,700 $29,933 $26,558 $17,119 $5,553 $135,474

 

Domestic Insurance Companies Audited Statistics 2020

  Motor Property Liability Marine & Aviation Health International Health  Other

Total Non-Life

Total Life & Annuity Grand Total
Gross Written Premiums $43,791,711 $234,419,735 $57,912,876 $28,266,000 $351,940,821 $23,122,115 $34,380,772 $773,834,030 $33,490,252 $807,324,282
Assumed Premiums -$28,860 $38,359,164 $94,420,708 $17,828,000 $0 $1,775,506 $8,410,554 $160,765,072 $0 $160,765,072
Total Written Premium $43,762,851 $272,778,899 $152,333,584 $46,094,000 $351,940,821 $24,897,621 $42,791,326 $934,599,102 $33,490,252 $968,089,354
Reinsurance Ceded $20,371,686 $194,734,753 $7,407,525 $0 $39,594,908 $0 $1,167,838 $263,276,710 $5,374,830 $268,651,540
Unearned Premium Adjustment $87,044 $2,745,203 -$206,355 $0 $34,349 $0 -$2,420 $2,657,821 $11,882 $2,669,703
Net Earned Premiums $23,332,981 $75,298,943 $145,387,515 $41,625,908 $312,311,564 $24,897,621 $41,625,908 $664,480,440 $28,103,540 $692,583,979
Commissions Received $3,864,879 $32,731,771 $2,390,818 $0 $1,250,797 $0 $100,350 $40,338,615 $22,844 $40,361,459
Total Underwriting Income $27,197,860 $108,030,714 $147,532,884 $46,094,000 $313,562,361 $24,897,621 $41,726,258 $709,041,698 $28,126,384 $737,168,081
Net Claims Paid $18,494,806 $13,377,588 $45,218,715 $8,267,000 $237,748,921 $17,092,223 $7,819,945 $348,019,198 $8,804,302 $356,823,500
Movement in Claim Reserves -$6,335,619 $7,099,367 $14,930,032 -$825,000 $7,290,821 -$314,012 -$194,484 $21,651,105 $13,300,167 $34,951,272
Acquisition Costs $3,585,901 $30,469,928 $1,551,013 $0 $19,367,412 $0 $67,833 $55,042,087 $4,730,473 $59,772,560
Other Underwriting Expenses $269,788 $1,347,443 $4,468,098 $891,000 $3,059,955 $621,857 $425,490 $11,083,631 $1,848,469 $12,932,100
Total Underwriting Expenses $16,014,876 $52,294,326 $66,167,857 $8,333,000 $267,467,109 $17,400,068 $8,118,784 $435,796,021 $28,683,411 $464,479,431
Underwriting Profit / (Loss) $11,182,984 $55,736,388  $81,553,102 $37,761,000 $46,095,252 $7,497,553 $33,607,474 $273,433,752 -$557,027 $272,876,725

 

Insurance Company by Risk Location Q3 2022

Risk Location Licence Count by Risk Location % Count by Risk Location Total Premium Total Assets Value
Africa, Asia & Middle East  8 1% $966,015,177 $1,992,155,455
Caribbean & Latin America 23 3% $354,812,974 $1,524,809,540
Europe 7 1% $16,995,880 $697,484,524
North America 596 89% $20,015,155,060 $57,490,248,692
Pacific Rim 2 0% $9,823,000 $68,434,000
Worldwide 32 5%  $1,669,178,636 $12,855,159,795
Total 668 100% $23,031,980,727 $74,628,292,006

 

International Insurance Company by Primary Class of Business Q3 2022

Business Class Licensee Count % of Licensees Total Premium Total Asset Value
Accident & Health 11 2% $134,105,975 $514,864,226
Automobile P.D. & Liability 29  4% $1,015,294,339 $2,868,441,887
Credit Life 8 1% $544,095,017 $600,337,662
Crime  1 0% $2,914,689 $10,779,179
Deferred Variable Annuities 9 1% $30,538,147 $1,734,312,627
General Liability 84 13% $1,466,795,186 $3,884,273,783
Healthcare 20 3% $4,512,719,444 $3,331,827,646
HPL and Physicians Liability 29 4% $185,028,886 $868,036,573
Life 26  4% $2,891,228,557 $18,902,862,140
Marine and Aviation  8 1% $39,522,834 $368,058,084
Medical Malpractice Liability  143 21% $2,751,837,185 $12,765,663,724
Products Liability 13 2% $62,649,534 $308,071,468
Professional Liability 58  9% $547,153,884 $2,292,172,321
Property 72 11% $4,073,322,310 $10,607,530,461
Surety Bonds 8 1% $43,098,381 $532,263,094
Workers' Compensation 149  22% $4,731,676,359 $15,038,797,131
Total  668 100%  $23,031,980,727 $74,628,292,006

 

International Insurance Company by Category Q3 2022

Category Count of Category % of Category Total Premium Total Assets Value
Commercial Insurer 18 3% $151,524,186 $2,635,223,281
Group Captive 128 19% $3,645,866,483 $10,519,879,358
Pure Captive 278 42% $4,203,295,766 $18,511,340,944
Reinsurance Companies 75 11% $12,063,248,644 $28,429,564,034
Segregated Portfolio Company 149 22% $2,688,778,863 $10,721,227,072
Special Purpose Vehicle 20 3% $279,266,785 $3,811,057,317
Total 668 100% $23,031,980,727 $74,628,292,006

 

International Insurance Company by License Class Q3 2022

License Class Count of Category % of License Count Total Premium Total Assets Value
Class B Insurer 639 96% $20,998,261,483 $67,101,446,094
Class C Insurer 22 3% $279,266,785 $3,811,057,317
Class D Insurer 7 1% $1,754,452,459 $3,715,788,595
Grand Total 668 100% $23,031,980,727 $74,628,292,006

Note: $ figures are in USD