The Insurance Managers Association of Cayman has cancelled the Cayman Captive Forum. The three-day conference was scheduled to take place at The Ritz-Carlton, Grand Cayman from 1-3 Dec.

The forum is the world’s largest conference dedicated to captive insurance with more than 1,400 attendees. It is also the largest conference to take place each year in Cayman, and the December forum would have marked the 28th consecutive year for the event.

IMAC said that uncertainty around the border closures and the state of the hospitality industry in Cayman, together with the economic downturn, made it impossible to plan a physical conference this year. Cayman’s borders will remain shut until at least 1 Sept. but the government has not ruled out extending the closure.

A 2016 economic impact survey carried out by IMAC noted that insurance business conducted in Cayman had generated about US$100 million for the economy that year.

About US$16 million of that went to the hospitality industry, with the Cayman Captive Forum and regular board meetings of captive insurers on island being the main contributors.

The cancellation of the event will also result in a financial hit to the organiser. However, William Forsythe, IMAC general manager, said the association has sufficient reserves to sustain operations.

IMAC is now planning “a bigger and better event for 2021”, he said. Negotiations are under way with The Ritz-Carlton to be next year’s venue.

This year the association is looking to provide content through webinars and other virtual formats to allow for the networking and continuing professional development of its members.

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