The Cook Islands Government and the Cook Islands Investment Corporation (CIIC) have announced the establishment of the Cook Islands Captive Insurance Company (CICIC), which is a first-of-its-kind initiative for the nation. The CICIC is 100 per cent owned by CIIC, and fully licensed by the Financial Supervisory Commission, providing tailored insurance solutions to keep more value in-country, simultaneously giving government and community assets access to global reinsurance markets. Deputy Prime Minister and Minister for CIIC, Hon. Albert Nicholas, says the initiative “marks an important step toward self-reliance and resilience,” and he sees the initiative as “protecting our people, our infrastructure, and our future”. He adds: “For too long we have been price takers in overseas insurance markets. CICIC changes that. It allows us to come together, leverage our collective strength, and secure better coverage and pricing for our assets.” Furthermore, CIIC chair Fletcher Melvin believes the project is a historic milestone that demonstrates that “the Cook Islands has the capability, expertise, and foresight to establish innovative financial solutions”. The government has partnered with global insurance broker Willis to both support the establishment of the initiative, in addition to providing brokerage services for reinsurance. Rachel Pettigrew, a spokesperson for Willis, sees the partnership as ensuring “the Cook Islands will have sustainable access to international insurance markets, backed by sound governance, actuarial expertise, and reinsurance capacity”. CIIC CEO, Allan Jensen, says that CICIC “is designed to be sustainable and future focused,” highlighting that “this captive will allow us to manage risk smarter, support our members more effectively, and ensure claims can be met reliably”. For the Cook Islands, the initiative is designed to provide greater resilience against market volatility, ensure coverage for risks often excluded by traditional insurers — notably tropical cyclones and outer island locations — in addition to strengthening financial sovereignty, community confidence, and retaining value in the local economy.
