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Cayman Says Insurance Sector Growing Strongly

by Mike Godfrey, Lowtax.net, Washington
13 October, 2017

Cayman Islands' insurance industry has begun 2017 with brisk growth, granting 23 new licenses. In 2016, 39 insurers were newly licensed.

The third quarter of 2017 saw seven new Class B licenses issued, allowing the carrying on of insurance business excluding domestic insurance business. For the whole of 2017 to date there have been 20 Class B licenses issued, 11 of which represent third-party insurers, and three Class C licenses, allowing holders to provide reinsurance arrangements.

Chair of the Insurance Managers Association of Cayman Linda Haddleton commented: "The picture so far in 2017 continues to look positive and is expected to improve further as we move into the fourth quarter, which is traditionally the busiest season for new formations. As a result, Cayman looks on track to repeat the success of 2016. This is rewarding news for the jurisdiction and demonstrates the continued confidence in the Cayman Islands as a jurisdiction."

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