The Cayman Islands remain one of the leading jurisdictions for captive insurance in the world, with total assets equaling US$74.6 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. Medical malpractice liability, workers compensation, general liability and property remain the most significant lines of business, together making up almost 70% of licensees.
The international insurance industry is primarily made up of companies insuring risks in North America, representing about 90% of the market. As of December 2023 the total number of international captives in Cayman was 683 making up Class B, C and D with premiums of US$57 billion and total assets of US$138 billion.