The results are in and the Insurance Managers Association of Cayman have announced that Cayman is once again a leading domicile for international insurance.
They said 33 companies were formed during the year in Cayman.
Cayman’s medical malpractice has shown a continued trend that it is a strong sector within Cayman, along with a more diversified captive industry developing on the island.
But what does this mean for Cayman?
“It means we have a continued stable industry we’ve seen some of our competitive jurisdictions show some similar growth as well but also some declines that we haven’t seen. We haven’t seen an exodus of companies leaving Cayman, in fact in some cases we’re seeing some companies coming to Cayman. Means there’s more people that are working for the industry especially Caymanians. There’s more people attending meetings down here, spending time in the hotel, go to the restaurants and basically spending money in the Cayman Islands,” said Strategic Risk Solutions director Colin Robinson.
As for the first quarter of 2018 the Insurance Managers Association of Cayman said it hopes to see the same continued growth.