Insurance
in the Cayman Islands

 

 

As an international insurance centre the Cayman Islands has experienced significant growth since the creation of the industry in the 1970s and is now the second largest domicile for captives and is number one worldwide for healthcare captives.

 

 

Captive insurance companies are insurance companies that carry risk originating primarily from its owners or affiliates. The owners of captive insurance companies are typically not in the insurance business. They usually set up a captive because they are either unable to obtain a certain type of coverage through conventional onshore insurance companies, or are able to self-insure at premiums significantly lower than those available in the open market.

Health care is the primary class of business among Cayman-domiciled captives, while workers’ compensation is the second largest class. The vast majority of Cayman Islands captive insurance business originates from the US with Latin America and the Caribbean and Europe representing the majority of the balance.

Cayman demonstrated its innovation in 1998 when it introduced the segregated portfolio company structure for the insurance sector. This cutting edge legislation enabled various users to use the same captive insurance entity and is gaining popularity among clients who do not wish to have their own captive. The structure conveniently allows for a clear separation of assets and liabilities. Insurance licenses are issued under the Insurance Law and the Cayman Islands is a member of the Offshore Group of Insurance Supervisors.

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