Cayman Islands’ re/insurance industry continues to thrive: CIMA

The Cayman Islands Monetary Authority (CIMA) has released the licensing statistics for the insurance sector, granting 12 new international insurer licenses in the second quarter of 2024.

CIMA issued three B(i)s, one B(ii), six B(iii)s plus a class C and a class D reinsurer. Additionally, two new insurance managers were also licensed.

As at the end of Q2 2024, a total of 24 new international insurance licenses have been issued, marking a 50% increase over the same period in 2023.

While Cayman has already anticipated increased licensing activity in 2024, the number of new licenses so far 2024 compared to 2023 has represented a positive indicator for the rest of the year.

Kieran Mehigan, Chair of the Insurance Managers Association, Cayman (IMAC), said, “The International Commercial Insurance/Reinsurance & Captive Industry in Cayman continues to thrive. We are seeing growth across all types of captives as insureds face a hard market for certain lines of coverage, encounter capacity shortages, and deal with coverage restrictions.

“The Life and Annuity reinsurance sector is also growing, driven by annuity providers seeking enhanced capital efficiency. This growth was especially evident in Q2, given the variety of licensees and license classes. It’s very encouraging to see single-parent and group captives thriving alongside new commercial reinsurers. These developments are contributing to the continued growth of Cayman as a prime jurisdiction for the international insurance industry, underscoring that Cayman remains an increasingly attractive place to do business.”

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