CIMA reveals strong growth in the Cayman Islands insurance sector

Growth continues for the Cayman Islands insurance sector, according to the Cayman Islands Monetary Authority (CIMA) licensing statistics for the third quarter of 2024.

During the period of July to September, CIMA granted five new international insurer licences, including three B(i) and two B(iii) licences, which marked sustained progress within the Cayman Islands’ insurance sector.

When combined with the 24 new licensees from the first half of 2024, a total of 29 new international insurance licences have been issued so far this year, demonstrating a significant increase in comparison to the same period in 2023.

With the addition of these new licensees, the Cayman Islands now hosts 696 Class B, C, and D insurance companies, with approximately $42 billion in premiums written, and $154 billion in total assets, excluding individual cells.

With the fourth quarter approaching, a period historically experiencing a surge in new licence applications, Cayman’s insurance managers have reported a robust pipeline of new business.

Simultaneously, CIMA continues to handle several active applications, suggesting a promising outlook for further industry growth.

Kieran Mehigan, Chair of the Insurance Managers Association of Cayman (IMAC), which represents the international insurance industry in the Cayman Islands, commented: “The international commercial insurance, reinsurance, and captive industry in Cayman is thriving.

“Our jurisdiction’s success is largely due to the Cayman Islands’ favourable regulatory environment, robust legal framework, and tax-neutral status, which continue to attract global firms seeking cost-effective and efficient structures.

“We’re witnessing growth across all captive types, especially in Q2, with a diverse range of new licensees and classes. It’s encouraging to see single-parent and group captives continuing to expand, alongside new commercial reinsurers, all contributing to the growing prominence of the Cayman Islands as a leading jurisdiction.”

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