Cayman Islands insurance sector generates CI$233m annually for economy

The Cayman Islands international insurance sector contributes CI$233 million annually to the economy, according to a recent study by The Insurance Managers Association of Cayman (IMAC) and Cayman Finance.

The report, conducted by FTS with input from the Cayman International Reinsurance Companies Association (CIRCA), quantifies the significant direct and indirect economic impact of the insurance and reinsurance industries, encompassing employment, government revenue, business development, and tourism.

The CI$233 million includes over CI$136 million paid to local service providers like legal, accounting, and compliance firms, and CI$18 million in government fees, strengthening national finances and infrastructure.

“The findings of this study underscore the critical role that international insurance and reinsurance play in our financial services sector and the broader Cayman economy,” said IMAC Chair, Kieran Mehigan. “From job creation to business travel and community engagement, the industry’s contributions are far-reaching and continue to drive economic growth.”

The key findings also include CI$387,000 in charitable contributions to local causes, and 40,000+ business traveller stayover days, which reinforces the link between insurance and tourism.

Another finding was the 256 direct jobs supported by the sector, with nearly 50% held by Caymanians and over 72% by Caymanians or Permanent Residents.

Brittany MacVicar, Associate Director at Cayman Finance, stated: “This report reinforces the international insurance sector’s role as a driving force behind the Cayman Islands’ economic growth.

“From driving economic growth and creating high-value employment opportunities to supporting local businesses, the industry’s impact is both substantial and far-reaching. Its synergy with tourism, government revenues, and community initiatives underscores its importance to the broader financial services ecosystem.”

The study aimed to provide policymakers, industry stakeholders, and the public with concrete data on the sector’s economic contributions.

It also highlighted the industry’s dedication to community engagement, education, training, and workforce development initiatives, including scholarships.

“The international insurance sector is a major pillar of our financial services industry, and its continued growth will be instrumental in shaping Cayman’s economic future,” said Gregg Mitchell, CIRCA Chair. “We look forward to further collaboration to ensure that Cayman remains a premier jurisdiction for reinsurance.”

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