Insurance companies provide a wide range of coverage and can cater to all of your insurance needs. The vast majority of residents will only need to access the domestic insurance market which offers health, life, car and property insurance but companies also offer marine, travel and liability insurance including professional Indemnity. Cayman is the leading jurisdiction for healthcare captives (medical malpractice liability insurance).
According to the Cayman Islands Monetary Authority, there are a total of 764 insurance licensees under the supervision of the Insurance Supervision Division (the “Division”) as at 31 December 2019, of which 94 and 670 relate to domestic and international insurance markets respectively. There were 26 insurers licensed to offer their products in the domestic market, supported by 68 insurance intermediaries (brokers). There were a total of 646 Class “B”, “C” and “D” insurance companies and 24 Insurance Managers under the supervision of the Division as at 31 December 2019. Pure captives and group captives represented the two main categories, with 283 and 123 companies respectively. Twenty percent (20%) of the total Class “B”, “C”, and “D” insurance companies were formed as segregated portfolio companies, with over 600 segregated portfolios.
The Cayman Islands is the leading jurisdiction for healthcare captives representing almost one-third of all the captives. As at 31 December 2019, Medical Malpractice Liability (“MedMal”) continues to be the largest primary line of business with approximately 33% companies (re)insuring MedMal, and Worker’s Compensation the second largest with over 21% of companies assuming this risk.
Below is a list of domestic insurance companies in the Cayman Islands. To potentially save time and money researching insurance plans, you can contact a licensed insurance broker in the Cayman Islands to assist with getting your coverage.
A member of Coralisle Group Ltd. (CG), CG BritCay in the Cayman Islands offers customised business and personal insurance coverage and pension services.
Island Heritage Insurance Company Ltd.
Insurance providers for Home, Motor, Commercial Property, Liability, Contract Works and Pensions in Cayman and throughout the Caribbean.
Insurance providers in the Cayman Islands with a ‘build your own policy’ option for vehicle, home, contents, travel and liability insurance.
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.