The Cayman Islands Monetary Authority (CIMA) has revealed that the domicile issued 33 new licenses in 2019, the same figure as the previous year.
The figures showed that at the 31 December there were a total of 764 insurance licensees under the supervision of the Insurance Supervision Division, with 670 related to international insurance markets.
It also showed at year-end there was a total of 646 class ‘B’, ‘C’ and ‘D’ insurance companies, a decrease on the 703 figure in 2018.
Pure captives and group captives represented the two main categories, with 283 and 123 companies, respectively.
The total value of premiums at the end of 2019 was over $18 billion, a rise of $2.6 billion from 2018, with assets, $68.9 billion in total assets—an increase of almost $10 billion over a two-year period.
The Cayman Islands remains a leading domicile for healthcare captives as they represent almost one-third of all the captives on the island.
The year-end results showed that medical malpractice liability continues to be the largest primary line of business with approximately 33 percent of companies (re)insuring medical malpractice liability. Workers’ compensation was the second largest with over 21 percent of companies assuming this risk.
Colin Robinson, chair of the Insurance Managers Association Cayman, said: “Licencing activity for 2019 shows again the strength of the domicile and the continued interest in the Cayman Islands as a jurisdiction of choice.”
“Our new formation numbers are a testament to the quality of local and international service providers who work tirelessly for our clients. We are also proud to be supported by international standard leading regulation and laws provided by the CIMA and the Cayman Islands Government,” he added.