The Cayman Islands National Insurance Company (CINICO), the government-owned insurer providing health insurance for government employees, veterans, and seafarers for decades, has expanded its services to the general public with the launch of motor and home insurance products in March and August 2024. These new offerings mark a milestone in the company’s evolution as it seeks to provide more insurance choices to Cayman Islands residents.
Alongside these product launches, CINICO has rebranded, launched a new website, and relocated to a larger, modern office. This refresh aligns with its mission to ensure a resilient insurance sector, delivering innovative solutions for island residents.
Home insurance with parametric cover – a first for Cayman, available to all
A key highlight of the new home insurance is the inclusion of parametric insurance coverage, a ground-breaking addition to the policy. Parametric insurance provides pay-outs based on measurable events, such as wind speed and storm proximity, rather than requiring physical damage claims. This helps homeowners cover unexpected costs like securing their premises, buying extra groceries, or purchasing a generator during prolonged power outages.
For instance, if a hurricane with sustained winds over 110 mph is recorded within 45 miles of Cayman or 30 miles of the Sister Islands, policyholders would automatically receive payment based on the limits of the parametric cover.
New motor insurance helping you keep all your cover in one place – health, home and motor
CINICO’s new motor insurance offers a range of benefits, including personalised coverage, 24/7 claims service, and roadside assistance. The policy also features exclusive perks like waived excess for both the insured and their spouse, a safe driver programme, and no claims protection, making it a valuable option for residents.
Global insurance challenges
The global insurance industry faces increasing challenges due to climate change, with natural disasters driving up costs and risks. Providing affordable property insurance in disaster-prone areas like Cayman Islands is becoming more difficult. CINICO’s home insurance product, with its innovative parametric coverage, aims to address these issues, offering more flexible protection to island residents.
A commitment to resilience
With its new offerings, CINICO fulfils its role as the government-owned insurer by ensuring a resilient insurance sector for the islands. According to Michael Gayle, CINICO’s CEO, “Innovation is critical to our mission, and we will continue to explore ways to enhance our products and benefits.”
CINICO members and new customers can find out more, and request a quote for motor and home insurance by visiting cinico.ky, calling (345) 949-8101 or emailing [email protected].
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