The Cayman Islands welcomed 39 new insurer licences in 2016, as well as two new portfolio insurance companies.
According to the Cayman Islands Monetary Authority, 2016 was a “phenomenal year” in terms of new insurance company formations.
The new licences included, 32 new class B insurers, five class C insurers and two class D insurers. During Q4, six new insurer licences were added to the Cayman Islands' international insurance market.
In total at the end of 2016, the Insurance Supervision Division had 860 insurance related licensees, of which 117 and 743 related to domestic and international insurance markets respectively.
Pure captives and group captives represented the two main categories, with 334 and 121 companies respectively.
Of the class B, C and D insurance companies 20 percent were formed as segregated portfolio companies, with approximately 600 segregated portfolios.
In terms of sectors, medical malpractice liability continues to be the largest primary line of business with approximately 33 percent of companies reinsuring medical malpractice, while workers’ compensation holds the second largest portion, with 21 percent.
As of 31 December 2016, total premiums stood at $14.6 billion and total assets were $59.8 billion.
IMAC chair Kieran O'Mahony, said: “Again, I wish to pay tribute to the diligence and innovation of the Cayman Island’s insurance managers, our network of service providers throughout the globe who support both our industry and our domicile and as well as the 'fit for purpose' regulatory, immigration and governmental regimes here in Cayman. These elements, along with our best in class clients are what maintain the Cayman Island as the domicile of choice in a competitive environment."
He added: “Following our successful Cayman Captive Forum held in November/December of 2016, with 1,500 delegates in attendance, I am confident that our industry remains vibrant and poised for expansion during 2017."