The Cayman Islands captive insurance industry generated $100 million for the island’s economy in 2016, according to a recent economic impact survey.
The survey, released by the Insurance Managers Association of Cayman (IMAC), found that in addition to providing employment for approximate 300 staff, nearly half of which are Caymanian, $72 million was generated for Cayman’s service providers by the captive industry.
The island’s government and regulatory bodies also benefited significantly from the industry, with $11 million in fees having been paid to the Cayman Islands Monetary Authority (CIMA) and registrar of companies.
According to the survey, the industry additionally provides a boost to Cayman’s tourism, with $16 million having been generated for the island’s hospitality sector.
The IMAC chair, Erin Brosnihan, applauded the positive effects the captive industry has had on the Cayman Islands.
Brosnihan said: “When our industry thrives, Cayman thrives—and when it comes to captive insurance, we are on top.”
“We are the second largest jurisdiction in the world and on the heels of Bermuda. It is only natural that these accomplishments are shared with Cayman.”
CIMA’s Q3 results from 2017 show the insurance industry in Cayman have total premiums written at nearly $12.4 billion, with assets under management at over $61 billion.
Brosnihan added: “We’re delighted with 2017 results so far, and are projecting total premiums to rise to around $16 billion by year end.”