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Cayman Islands

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Cayman Islands

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Cayman Islands Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for the Cayman Islands includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for the Cayman Islands can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP (USD)
Insurance Penetration (%)
GMT-5
George Town
KYD
0.07 mn
2.57
1.83%
829.34
13.78

The Cayman Islands are three islands, Grand Cayman, Cayman Brac and Little Cayman, located in the western Caribbean Sea, The country is the world's largest offshore centre; more than 40 of the world's top 50 banks have established licensed subsidiaries or branches. The Cayman Islands are the second largest domicile for captive insurance, and 60% of all hedge fund assets are registered in the jurisdiction. The financial services sector contributed 31.4% of the islands' GDP in 2017, with a further 13.2% produced by professional services mostly engaged in servicing the industry,

The domestic insurance market is small; property the main class of P&C business, and healthcare by far the largest of all life, annuity and healthcare premium income (although it is written as a non-life class).

The main business lines written by the captives are medical malpractice, workers' compensation and professional indemnity, with 90% of all business in premium income terms emanating from North America, There is no predominant distribution channel; both brokers and agents are present in the market. An extensive volume of business is also written on a "walk-in" basis

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