Find out about the various insurance options, including property, contents, motor, life and health, from insurance providers in the Cayman Islands and what is required by law.
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Grand Cayman has a wealth of insurance companies and independent insurance brokers that can provide cover for your home, car, life, health, property, contents, liability and much more.
Car Insurancekeyboard_arrow_right
Insurance rates very considerably, so make sure to shop around. Find more information on car insurance and reputable motor insurance providers and brokerage firms in Cayman.
Read MoreHealth Insurancekeyboard_arrow_right
Under the law, all residents of the Cayman Islands must have health insurance, and all employers are obligated to ensure that their employees, their unemployed spouse and dependent children residing on the island are also covered. The options for coverage range from the basic SHIC plan (Standard Health Insurance Contract), to premium plans that cover everything and cost a lot more.
Home Insurancekeyboard_arrow_right
The average cost of annual house insurance is based upon a percentage of the property value and generally includes liability insurance. Waterfront properties are likely to be higher, and if your property is part of a strata corporation, the building must be insured in the name of the strata.
Commercial Business Insurancekeyboard_arrow_right
Commercial insurance is there to protect businesses from financial loss due to unforeseen circumstances. These can include property damage, liability, theft, business interruption, injured employees and more.
Read MoreContents Insurancekeyboard_arrow_right
Budget about CI$500 per CI$35,000 of coverage. If you are renting a property, your landlord may have insurance to cover the contents provided in your unit, but anything belonging to you needs to be covered by your own policy. The risk of theft in Cayman is relatively low, however, due to the chance of flooding and hurricane damage, insurance is recommended.
Life Insurancekeyboard_arrow_right
Investing in life insurance protects your spouse and/or children from the potentially disastrous financial losses that could result after you’ve departed.
Insurance Providers
Insurance can be purchased through an insurance broker or an insurance provider. Although insurance brokers and providers perform very similar functions, they are different. An insurance broker acts as an intermediary between you (the insurance buyer) and the insurance provider, helping you find the best deal across various insurance companies. If you deal directly with an insurance provider, you cut out the middle man, leaving you to search for the best insurance to suit your needs.
Cayman Islands Insurance Association (CIIA)
The Cayman Islands Insurance Association (CIIA) was formed to represent the insurance industry in the Cayman Islands. They advise the public on insurance issues and represent the views of the insurance industry to government bodies like the Cayman Islands Monetary Authority, who regulate the insurance industry.
