The Cayman Islands Monetary Authority has licensed nine new captive insurance companies in the third quarter of 2020. In 2019, the financial regulator registered 33 new captive insurers – the same number as in 2018.
There were a total of 652 Class B, C and D insurance companies registered with CIMA at the end of September. This figure is up slightly from 646 at the end of 2019 but down from 703 non-retail insurance companies in 2018.
Pure captives and group captives are the main categories, with 282 and 124 companies, respectively. In addition, 21% are segregated portfolio companies with more than 600 segregated portfolios, CIMA statistics show.
Cayman remains the leading jurisdiction for healthcare captives, with the category representing close to one-third of all captive insurers.
Medical malpractice liability (MedMal) continues to be the largest primary line of business with approximately 26% companies insuring or reinsuring MedMal, while worker’s compensation the second largest line of business with almost 23% of companies assuming this risk.
Geographically, Cayman’s insurance industry predominantly insures risks related to North America (90%).