The last 2024 quarterly insurance coverage sector licensingstatistics launched by the Cayman Islands Monetary Authority (CIMA) reveal that in 2015 the jurisdiction released 40 brand-new global insurance coverage licenses– the biggest variety of licenses released in a single year in more than a years.
” Regardless of a really competitive global market, the Cayman Islands is significantly the jurisdiction of option for insurance provider thanks to our extremely established slave market, openness, stability, expert yet versatile risk-based policy, and available business-focused regulators,” stated Kieran Mehigan, chairperson of IMAC.
The Cayman Islands Monetary Authority (CIMA) just recently launched licensing data for 4Q 2023 which revealed that in between October and December 2023, CIMA released fifteen brand-new global insurance provider licenses– 8 B( i) s, 6 B( iii) s and one Class C, in addition to 2 brand-new portfolio insurance provider. In addition to the decade-high of 40 brand-new global insurance companies, CIMA released licenses to 8 portfolio insurance companies and one class D free market reinsurer.
Conventional single moms and dad slave certified as B( i) licensees from a range of markets have actually seen anincrease in 2023. The B( iii) license class, bulk third-party service, has actually seen a higher boost in numbers as Cayman brings in brand-new reinsurers, especially life reinsurance business.
With the addition of brand-new licensees in 4Q, there are now 683 Class B, C and D insurance coverage companieslicensed in Cayman– the 2nd greatest variety of such business in Cayman because 2017.
The quantity of premiums composed and overall possessions handled by insurance provider certified in Cayman doubled in 4Q and now stand at $58 billion and $139 billion respectively.
” The market acknowledges that CIMA have actually been type in supporting this strong development through their favorable engagement, responsiveness, and clearness throughout the licensing procedure,” Mehigan continued. “The conditions that made it possible for record-setting brand-new service in 2024 have actually laid the structure for a genuinely extraordinary year for the market in 2025.”
CIMA haveadvised that an extra twelve license applications stay under evaluation.
This development in reinsurance activity is anticipated to continue into 2024 and will be showcased at the CIRCA ReConnect conference being held at the Ritz-Carlton on the 18th – 19thApril 2024.
IMAC motivates anybody who wishes to find out more about Cayman Islands insurance coverage market to go to the Cayman Financing cubicle # 210 at the upcoming World Hostage Online forum in Orlando from 23rd – 26th January.
The Insurance Coverage Supervisors Association of Cayman (IMAC) represents the global insurance coverage market in the Cayman Islands. IMAC communicates with federal government and the regulator on the market’s behalf and promotes development and global competitiveness to preserve Cayman’s useful market position. The Cayman Islands is the 2nd biggest residence worldwide for slaves and a dominant jurisdiction for health care slaves, group slaves, disaster bonds and global reinsurance.