The Cayman Islands remain one of the leading jurisdictions for captive insurance in the world, with total assets equaling US$112.5 billion.
Since 1979, the 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. The Cayman Islands is also a leading jurisdiction for group captives and ILS. The international insurance industry here is primarily made up of companies insuring risks in North America, representing about 90% of the market. As of the 31st March 2024, the total number of Class B insurers (including captives) in Cayman was 666, with 20% of them in total being Medical Malpractice Liability captives. However, the largest line of business now proves to be Workers’ Compensation, with 153 licensees. The value of the total assets for Cayman’s Class B Insurers (which includes Group and Pure captives) was approximately US$112.5 billion, with US$52.5 billion in total premiums as of Q1 of 2024.
