The Cayman Islands remain one of the leading jurisdictions for captive insurance in the world, with total assets equaling US$74.9 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 March 2022 the total number of international captives in Cayman was 657 with 23% of them in total being Workers’ Compensation captives. The second largest line of business were Medical Malpractice Liability captives, with 146 licencees and 22% of companies assuming risk. Total assets for the entire captive industry in Cayman equated to approximately US$74.9 billion as of 31st March 2022. For more statistics see the CIMA website.