The Cayman Islands remain one of the leading jurisdictions for captive insurance in the world, with total assets equaling approximately US$74 billion.
Since 1979 when the Insurance Law was first passed in the Cayman Islands, this jurisdiction has become a major centre for international insurance business. The Cayman Islands is the second largest domicile for captives and holds the number one position worldwide for healthcare captives; these make up nearly one third of captive insurance companies in Cayman.
The international insurance industry is primarily made up of companies insuring risks in North America, representing about 90% of the market. As of September 2020 the total number of international captives in Cayman was 652 with 25% of them in total being Medical Malpractice Liability captives. The second largest line of business proved to be Workers’ Compensation, with 148 licencees and 23% of companies assuming risk. Total assets for the entire captive industry in Cayman equated to approximately US$74.3 billion as of 30 September 2020.