Report on Insurance Industry in Cayman published by Research and Markets

Research and Markets, the world’s leading source for international market research reports and market data, has announced the addition of the report titled “The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2017” to their offering.

As the Cayman Islands is one of the most renowned offshore financial centres in the world, its favorable conditions and transparent regulations work with excellent infrastructural facilities to attract insurance companies from around the world. So, the insurance industry is an integral part of the jurisdiction’s financial sector, which accounted for 30% of GDP in 2011.

According to the report, the Cayman Islands has emerged as a hub for captive insurance and offshore health insurance business. Despite global market conditions, the low interest rate environment and growing competition, the insurance industry’s gross written premium expanded at a CAGR of 5.1% during the review period (2008-2012).

Key Highlights of the report are as follows:

– the insurance industry is well diversified with 768 insurance companies operating at the end of 2012;

– over the forecast period (2012-2017), the recovery in the economy, the evolving regulatory environment, the availability of an experienced workforce combined with the low-cost advantage for running a business will drive the growth of the insurance industry;

the Cayman Islands Monetary Authority (CIMA) revised the insurance law in 2010 ;

– the Cayman Islands Monetary Authority introduced a new regulation by amending the insurance law in 2013 to permit segregated portfolio insurers (SPC) to form one or more cell companies called portfolio insurance companies (PIC), which is expected to attract further investment in the insurance industry.

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