Generali Worldwide, one of the largest providers of health insurance in the Cayman Islands, is pulling out of the market.
The global insurance giant announced the decision in a public notice in the Cayman Compass on Friday.
The company does not directly employ staff locally. It operates through a licensed general agent, ISHL.
Annikki Brown, country manager for Generali at ISHL, told the Cayman Compass on Monday that the business had reduced staff in 2020 and was currently operating with five employees.
As of 16 Sept. this year she confirmed ISHL will no longer be the agent for Generali in Cayman.
She said pulling out of Cayman was a “strategic decision” made by parent company Utmost Group, which bought Generali Worldwide in 2019.
Anyone insured by Generali on the islands, as of 16 Sept. 2021, will continue to be covered through the end of their contract year, Brown confirmed.
After that, individuals or businesses that use the insurer will have to find new representation.
“Each policy holder, broker and healthcare provider that we work with has been provided with a notice of the upcoming changes,” said Brown.
In its public ‘notification of market withdrawal’ on Friday, Generali Worldwide indicated it would continue to offer renewals of existing policies up to 16 Sept.
It stated, “This announcement has no impact on existing clients, policies or claims that are currently in force.
“All benefits and services provided through existing policies will continue and members should not encounter any change in their service or experience.
“Utmost Worldwide is working closely with the Cayman regulators and would like to reassure you that we will be honouring all of our commitments to existing policy holders, and we will be providing the same levels of service that you have come to expect from us.”