Insurance in Cayman
It is a well-known fact that financial services are a main stay of Cayman economy. Many of the attributes that develop the financial industry of the Cayman Islands like banking and mutual funds have stimulated the growth and successful work of the captive insurance industry.
Industry practitioners offer are the services they are competitive in and they have good knowledge of global businesses which they apply to Cayman’s financial services. Therefore the jurisdiction is firmly established as the domicile of choice for companies looking for a formal self-insurance programme providing actuarial risk coverage and maximum profit retention.
About 700 captive insurance companies are registered in the Cayman Islands. Most of them are captives related to healthcare.
The Cayman Islands is an active member of the Offshore Group of Insurance Supervisors affiliated with the International Association of Insurance Supervisors (IAIS), the organization that sets out fundamental principles for effective insurance supervision as well as helps to develop insurance standards.