The Cayman Islands remain one of the leading jurisdictions for captive insurance in the world, with 121 group captives totaling over US$3 billion in premiums in the second quarter of 2019.
This shows a consistent increase since the end of 2018. Healthcare captives remain an area of strength and represent 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. However, in the second quarter of 2019, the total number of international captives fell to 657 after the high of 703 at the end of 2018.
With 227 licencees, Medical Malpractice Liability (MML) represented approximately 33% of captive licences as of March 2019 and continues to make up the largest line of business within the insurance sector. The second largest line of business proved to be worker’s compensation, with 152 licencees and 22% of companies assuming risk. Total assets for the entire captive industry in Cayman equated to approximately US$64.31 billion as of 30th June 2019.