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Cayman Islands

Life Report

Product Insurance Market Reports Life Rev Cayman Islands

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details the Cayman Islands' insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in the Cayman Islands's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of the Cayman Islands

The the Cayman Islands life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of the Cayman Islands.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit the Cayman Islands and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about the Cayman Islands’ demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in the Cayman Islands is available.

Axco’s report describes the regulatory framework that applies to the the Cayman Islands domestic life insurance sector, including whether non-admitted insurance is permitted in the Cayman Islands; as well as the legislation necessary to know regarding the Cayman Islands’ healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in the Cayman Islands with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Cayman Islands market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in the Cayman Islands, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Cayman Islands pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Cayman Islands report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Cayman Islands Life and Benefits Report Extract

Below are brief extracts of information from the Cayman Islands Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

There is a limited local life insurance market, with local insurers and agents offering products produced and largely underwritten by overseas life companies. The recorded life written premium for 2019 was KYD 63.63mn (USD 76.36mn) a decrease of 4.31% on the prior year, driven by a reported decrease in annuity premium of 12.58% to KYD 36.84mn (USD 44.21mn) with the prior year higher than usual due to some significant early retirements.

Most domestic life premium income is understood to be derived from the individual business due to the relative ....

Pensions

In recognition of some of the financial hardship caused by measures to manage the COVID-19 pandemic, National Pensions (Amendment) Act, 2020 was enacted allowing for contribution holidays up until June 2021 and early lump sum withdrawals by members from their pension fund up until October 2020.

There was some concern by pension providers that with many withdrawals made at the bottom of the world stock market correction, account balances will need time to build back-up to meet member retirement needs.

Healthcare

The chairperson of the Health Insurance Standing Committee (HISC), an organisation representing the interests of PMI companies, stated that insurers would share some of the responsibility for the costs of care relating to COVID-19, given the structure of public-private partnership in relation to health coverage in the Cayman Islands, where health insurance is compulsory.

Health insurance continues to be the largest single class of business in the Cayman Islands, accounting for 45.47% of total market income in 2019.

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