Research and Markets: The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2017

DUBLIN — Research and Markets has announced the addition of the “The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2017” report to their offering.

The Cayman Islands are one of the most renowned offshore financial centers in the world. The islands’ favorable conditions and transparent regulations work with excellent infrastructural facilities to attract insurance companies from around the world. The insurance industry is an integral part of the Cayman Islands’ financial sector, which accounted for 30% of GDP in 2011.

The island has emerged as a hub for captive insurance and offshore health insurance business. Despite global market conditions, the low interest rate environment and growing competition, the insurance industry’s gross written premium expanded at a CAGR of 5.1% during the review period (2008-2012).

Key Highlights

– The insurance industry is well diversified with 768 insurance companies operating at the end of 2012

– Over the forecast period (2012-2017), the recovery in the economy, the evolving regulatory environment, the availability of an experienced workforce combined with the low-cost advantage for running a business will drive the growth of the insurance industry

– The Cayman Islands Monetary Authority (CIMA), the regulator of the insurance industry, revised the insurance law in 2010

– CIMA introduced a new regulation by amending the insurance law in 2013 to permit segregated portfolio insurers (SPC) to form one or more cell companies called portfolio insurance companies (PIC). This is expected to attract further investment in the insurance industry

Companies Mentioned

Colina Insurance Ltd

BF&M General Insurance Company Ltd

Cayman Islands National Insurance Company Ltd

BAF Insurance Company (Cayman) Ltd

Sagicor Life of the Cayman Islands Ltd

For more information visit http://www.researchandmarkets.com/research/hdpsll/the_insurance

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