Cayman Insurance Sector Grew Despite Obamacare
by Mike Godfrey, Lowtax.net, Washington
04 February, 2016
Cayman saw growth in the size of its captive insurance sector in 2015, despite the fallout from the US Affordable Care Act for the Cayman health insurance industry.
At the recent 23rd annual Captive Forum, Patrick Bodden, the Deputy Managing Director of Operations at the Cayman Islands Monetary Authority (CIMA) noted that of the 712 international insurers regulated by CIMA, 34 percent are healthcare captives. This was the largest industry segment as of November 30.
Bodden said that although 2015 trends showed continued growth, there have also been some less favorable external conditions, such as the Affordable Care Act in the US, which he said has resulted in a decline for Cayman's healthcare industry. Bodden said: "Although healthcare reforms in the US have posed some challenges to the healthcare captive industry, we have also seen an increase in the size, capitalization, and usage of the other remaining captives."
Held at The Ritz-Carlton, the forum, attracted over 1,400 participants, including insurance managers and service providers from all over the world.
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