The Cayman Islands’ regulatory agency issued 33 new licenses in the past year, according to Q4 2022 figures released by the Cayman Islands Monetary Authority (CIMA). The total number of insurance licenses in the jurisdiction was 670, marking 2022 as the fourth consecutive year of growth in the number of insurance licenses issued. The Insurance Managers Association of Cayman (IMAC) states that it will continue to promote the jurisdiction internationally and drive growth in the sector. Lesley Thompson, IMAC chair, comments: “Continued strong growth of the insurance and reinsurance sector in Cayman demonstrates the confidence investors have in the fundamental features that make the Cayman Islands a leading insurance and reinsurance jurisdiction. “Cayman’s combination of experienced professionals, a responsible yet proportional regulatory regime and tax neutrality continue to make it the domicile of choice for international insurance and reinsurance. Our significant growth in 2022 is a motivator to enhance our efforts to engage global investors and push for even greater growth in 2023 and beyond.”
