712 international insurers regulated by CIMA

Cayman has one of the highest insurance densities and insurance penetration ratios in the world, it was revealed at the 23rd annual Cayman Captive Forum organized by the Insurance Managers Association of Cayman (IMAC).

Patrick Bodden, deputy managing director of operations at the Cayman Islands Monetary Authority (CIMA) noted that of the 712 international insurers regulated by CIMA, 34 per cent account for healthcare captives – the largest industry segment as of 30 November.

Although 2015 trends showed continued growth, Bodden noted that there have also been some less favourable external conditions, such as the Affordable Care Act in the US, which has resulted in a decline on Cayman’s healthcare industry.

Despite these circumstances, 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.”

He expressed confidence that the Authority would continue to actively strive to protect and enhance the reputation of the Cayman Islands, whilst remaining responsive, pragmatic and accessible.

Held at The Ritz-Carlton, the forum, attracted over 1,400 participants, including insurance managers and service providers from all over the world. Also invited as presenters were Deputy Heads of the Insurance Supervision Division, Ruwan Jayasekera and  Raz Busari; and Head of Policy and Development,  Justine Plenkiewicz, along with other supporting staff.

Busari represented CIMA during a panel discussion on Cayman’s regulatory update, specifically captive insurance.  Jayasekera joined Kieran O’Mahony, Chairman of IMAC, and Jude Scott, CEO of Cayman Finance, in a session on what makes the Cayman Islands a leading domicile of choice.

Jayasekera also discussed the topic of: A Year in the Life of a Captive, while Ms. Pleinkiewicz explained the process of registering a portfolio insurance company (PIC).

 

 

 

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