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Cayman Insurance Sector Sees Strong Start To 2017

by Mike Godfrey, Lowtax.net, Washington
20 April, 2017

The Cayman Islands have welcomed a further eight insurance entities so far in 2017, Cayman Finance, the island's financial services promotional agency, has said.

This builds on the 39 new insurance entities registered in 2016.

Cayman Finance said a number of additional license applications are planned or underway. The new licenses include six Class B licenses, half of which represent third-party insurers, and two Class C licenses.

Total premiums written for the sector stand at USD14.6bn per year, with total assets held of USD60bn.

Linda Haddleton, Chair of the Insurance Managers Association of the Cayman Islands, welcomed the rise in licensing activity saying it demonstrates "...the confidence of markets in the regulatory framework and the advanced infrastructure of the Cayman Islands."

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