The Cayman Islands made an impact at the 2013 Captive Insurance Companies Association conference held in Palm Springs, California in March, with a Cayman captive bagging the 2013 “outstanding captive award”.
The Caribbean Catastrophe Risk Insurance Facility was honoured with the award at the opening session of the conference. CCRIF was licensed in Cayman in 2007 and is managed by Sagicor Insurance Managers Ltd.
Milo Pearson collected the award as chairman of CCRIF from Dirk Heim, immediate past chairman of CICA, with CICA President Dennis Harwick and James Rawcliffe, vice president of Sagicor attending.
Mr. Pearson explained why Cayman was chosen as the domicile for the CCRIF. “The approach to insurance regulation by the head of insurance supervision in the Cayman Islands is distinct from other regulators. Whilst in the course of performing his duty to ensure our captive is meeting its statutory obligations, he also seeks to build a true partnership with us,” he said.
“We derive particular comfort from the fact that the regulator takes such an interest in the success of CCRIF, given the facility’s significant role in mitigating the financial effects of natural hazards in the Caribbean region.”
CCRIF is a risk pooling facility created initially for 16 Caribbean countries, including Jamaica, Cayman Islands, Barbados, Trinidad and Tobago and other smaller Caribbean islands, and in its five years of existence has already paid out $32 million for earthquake and tropical cyclone losses.
Most notably, CCRIF made a payout of $8 million within days of the devastating earthquake in Haiti, which allowed the Haitian public sector and emergency services to function. CCRIF is considered a prominent strategic partner with key disaster risk management agencies in the Caribbean region.
Cayman will continue to have strong representation during upcoming industry conferences, including RIMS and ASHRM. The Risk Management Society conference is taking place 21 to 24 April in Los Angeles, California. Representatives of the Insurance Managers Association of Cayman invited attendees to visit the Cayman booth.