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The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2022

The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2022

Summary

The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2022, report provides detailed analysis of the market trends, drivers and challenges in the Caymanian insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Caymanian economy and demographics, provides detailed information on the competitive landscape and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

This report provides in-depth market analysis, information and insights into the Caymanian insurance industry, including -

  • The Caymanian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Caymanian economy and demographics
  • Details of the competitive landscape in the Caymanian insurance industry
  • The various distribution channels in the Caymanian insurance industry
  • Details of regulatory policy applicable to the Caymanian insurance industry
  • Analysis of natural hazards in the Caymanian insurance industry.
    • Key Findings
      • According to the Cayman Islands Monetary Authority (CIMA), 721 insurance companies were registered in the Cayman Islands as of March 31, 2018.
      • According to CIMA, as of March 31, 2018, a total of 43 insurance agents were operational in the domestic territory of the Cayman Islands.
      • There were 2.1 million tourists visited the Cayman Islands in 2017, which was the highest in the country’s tourism history.
      • As of March 2018, there were 315 pure captives, 145 SPCs, 120 group captives, 57 reinsurance companies, 37 commercial insurers and 23 special purpose vehicles present in the country.
        • Scope
          • This report provides a comprehensive analysis of the insurance industry in the Cayman Islands.
          • It provides historical values for the Caymanian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
          • It offers a detailed analysis of the key segments in the Caymanian insurance industry, with market forecasts to 2022.
          • It covers an exhaustive list of parameters, including written premium and claims.
          • It analyzes the various distribution channels in Cayman Islands.
          • It profiles the top insurance companies in Cayman Islands, and outlines the key regulations affecting them.
          Reasons to buy
          • Make strategic business decisions using in-depth historic and forecast market data related to the Caymanian insurance industry and each segment and category within it.
          • Understand the demand-side dynamics, key market trends and growth opportunities in the Caymanian insurance industry.
          • Assess the competitive dynamics in the Caymanian insurance industry.
          • Identify the growth opportunities and market dynamics in key segments.
          • Gain insights into key regulations governing the Caymanian insurance industry and their impact on companies and the industry's future.


  • Key Facts and Highlights
    • Table Caymanian Insurance Industry – Key Facts, 2017
    • Table Caymanian Insurance Industry – Leading Insurers, 2017
  • Executive Summary
  • Economy and Demographics
    • Table Figure 1: Caymanian Real GDP (KYD Billion), 2013–2022
    • Table Caymanian Government Credit Ratings
    • Table Figure 2: Caymanian Exchange Rate (KYD per US$), 2013–2022
    • Table Figure 3: Caymanian Inflation Rate (%), 2013–2022
    • Table Figure 4: Caymanian Unemployment Rate, 2013–2017
    • Table Figure 5: Caymanian Population by Age Group (Thousand), 2013–2022
  • Industry Outlook
    • Table Caymanian Captive Insurance – Premium Share (%) by Business Class, 2017
    • Industry Indicators
      • Gross written premium
        • Table Caymanian Insurance Industry – Gross Written Premium (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Insurance Industry – Gross Written Premium (KYD Million and US$ Million), 2017–2022
        • Table Figure 6: Caymanian Insurance Industry – Gross Written Premium (KYD Million), 2013–2022
      • Insurance density
        • Table Caymanian Insurance Industry – Density (KYD), 2013–2017
        • Table Caymanian Insurance Industry – Density (KYD), 2017–2022
        • Table Figure 7: Caymanian Insurance Industry – Density (KYD), 2013–2022
      • Paid claims
        • Table Caymanian Insurance Industry – Paid Claims (KYD Million and US$ Million), 2013– 2017
        • Table Caymanian Insurance Industry – Paid Claims (KYD Million and US$ Million), 2017– 2022
        • Table Figure 8: Caymanian Insurance Industry – Paid Claims (KYD Million), 2013–2022
  • Life Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Caymanian Life Insurance – Gross Written Premium (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Life Insurance – Gross Written Premium (KYD Million and US$ Million), 2017–2022
        • Table Figure 9: Caymanian Life Insurance – Gross Written Premium (KYD Million), 2013–2022
      • Paid claims
        • Table Caymanian Life Insurance – Paid Claims (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Life Insurance – Paid Claims (KYD Million and US$ Million), 2017–2022
        • Table Figure 10: Caymanian Life Insurance – Paid Claims (KYD Million), 2013–2022
      • Penetration
        • Table Figure 11: Caymanian Life Insurance – Penetration (%), 2013–2017
        • Table Figure 12: Caymanian Life Insurance – Penetration (%), 2017–2022
  • General Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Caymanian General Insurance – Gross Written Premium (KYD Million and US$ Million), 2013–2017
        • Table Caymanian General Insurance – Gross Written Premium (KYD Million and US$ Million), 2017–2022
        • Table Figure 13: Caymanian General Insurance – Gross Written Premium (KYD Million), 2013–2022
      • Paid claims
        • Table Caymanian General Insurance – Paid Claims (KYD Million and US$ Million), 2013– 2017
        • Table Caymanian General Insurance – Paid Claims (KYD Million and US$ Million), 2017– 2022
        • Table Figure 14: Caymanian General Insurance – Paid Claims (KYD Million), 2013–2022
      • Penetration
        • Table Figure 15: Caymanian General Insurance – Penetration (%), 2013–2017
        • Table Figure 16: Caymanian General Insurance – Penetration (%), 2017–2022
      • Loss ratio
        • Table Figure 17: Caymanian General Insurance – Loss Ratio (%), 2013–2017
        • Table Figure 18: Caymanian General Insurance – Loss Ratio (%), 2017–2022
    • Property Insurance
      • Gross written premium
        • Table Caymanian Property Insurance – Gross Written Premium (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Property Insurance – Gross Written Premium (KYD Million and US$ Million), 2017–2022
        • Table Figure 19: Caymanian Property Insurance – Gross Written Premium (KYD Million), 2013– 2022
      • Penetration
        • Table Figure 20: Caymanian Property Insurance – Penetration (%), 2013–2017
        • Table Figure 21: Caymanian Property Insurance – Penetration (%), 2017–2022
      • Claims
        • Table Caymanian Property Insurance – Paid Claims (KYD Million and US$ Million), 2013– 2017
        • Table Caymanian Property Insurance – Paid Claims (KYD Million and US$ Million), 2017– 2022
        • Table Figure 22: Caymanian Property Insurance – Paid Claims (KYD Million), 2013–2022
      • Profitability
        • Table Caymanian Property Insurance – Loss Ratio (%), 2013–2017
        • Table Caymanian Property Insurance – Loss Ratio (%), 2017–2022
        • Table Figure 23: Caymanian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013–2022
    • Motor Insurance
      • Gross written premium
        • Table Caymanian Motor Insurance – Gross Written Premium (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Motor Insurance – Gross Written Premium (KYD Million and US$ Million), 2017–2022
        • Table Figure 24: Caymanian Motor Insurance – Gross Written Premium (KYD Million), 2013–2022
      • Penetration
        • Table Figure 25: Caymanian Motor Insurance – Penetration (%), 2013–2017
        • Table Figure 26: Caymanian Motor Insurance – Penetration (%), 2017–2022
      • Claims
        • Table Caymanian Motor Insurance – Paid Claims (KYD Million and US$ million), 2013– 2017
        • Table Caymanian Motor Insurance – Paid Claims (KYD Million and US$ Million), 2017– 2022
        • Table Figure 27: Caymanian Motor Insurance – Paid Claims (KYD Million), 2013–2022
      • Profitability
        • Table Caymanian Motor Insurance – Loss Ratio (%), 2013–2017
        • Table Caymanian Motor Insurance – Loss Ratio (%), 2017–2022
        • Table Figure 28: Caymanian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013–2022
    • Liability Insurance
      • Gross written premium
        • Table Caymanian Liability Insurance – Gross Written Premium (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Liability Insurance – Gross Written Premium (KYD Million and US$ Million), 2017–2022
        • Table Figure 29: Caymanian Liability Insurance – Gross Written Premium (KYD Million), 2013–2022
      • Penetration
        • Table Figure 30: Caymanian Liability Insurance – Penetration (%), 2013–2017
        • Table Figure 31: Caymanian Liability Insurance – Penetration (%), 2017–2022
      • Claims
        • Table Caymanian Liability Insurance – Paid Claims (KYD Million and US$ Million), 2013– 2017
        • Table Caymanian Liability Insurance – Paid Claims (KYD Million and US$ Million), 2017– 2022
        • Table Figure 32: Caymanian Liability Insurance – Paid Claims (KYD Million), 2013–2022
      • Profitability
        • Table Caymanian Liability Insurance – Loss Ratio (%), 2013–2017
        • Table Caymanian Liability Insurance – Loss Ratio (%), 2017–2022
        • Table Figure 33: Caymanian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013–2022
    • Marine, Aviation and Transit Insurance
      • Gross written premium
        • Table Caymanian Marine, Aviation and Transit Insurance – Gross Written Premium (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Marine, Aviation and Transit Insurance – Gross Written Premium (KYD Million and US$ Million), 2017–2022
        • Table Figure 34: Caymanian Marine, Aviation and Transit Insurance – Gross Written Premium (KYD Million), 2013–2022
      • Penetration
        • Table Figure 35: Caymanian Marine, Aviation and Transit Insurance – Penetration (%), 2013–2017
        • Table Figure 36: Caymanian Marine, Aviation and Transit Insurance – Penetration (%), 2017–2022
      • Claims
        • Table Caymanian Marine, Aviation and Transit Insurance – Paid Claims (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Marine, Aviation and Transit Insurance – Paid Claims (KYD Million and US$ Million), 2017–2022
        • Table Figure 37: Caymanian Marine, Aviation and Transit Insurance – Paid Claims (KYD Million), 2013–2022
      • Profitability
        • Table Caymanian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2013–2017
        • Table Caymanian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2017–2022
        • Table Figure 38: Caymanian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013–2022
    • Personal Accident and Health Insurance
      • Gross written premium
        • Table Caymanian Personal Accident and Health Insurance – Gross Written Premium (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Personal Accident and Health Insurance – Gross Written Premium (KYD Million and US$ Million), 2017–2022
        • Table Figure 39: Caymanian Personal Accident and Health Insurance – Gross Written Premium (KYD Million), 2013–2022
      • Penetration
        • Table Figure 40: Caymanian Personal Accident and Health Insurance – Penetration (%), 2013–2017
        • Table Figure 41: Caymanian Personal Accident and Health Insurance – Penetration (%), 2017–2022
      • Claims
        • Table Caymanian Personal Accident and Health Insurance – Paid Claims (KYD Million and US$ Million), 2013–2017
        • Table Caymanian Personal Accident and Health Insurance – Paid Claims (KYD Million and US$ Million), 2017–2022
        • Table Figure 42: Caymanian Personal Accident and Health Insurance – Paid Claims (KYD Million), 2013–2022
      • Profitability
        • Table Caymanian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2017
        • Table Caymanian Personal Accident and Health Insurance – Loss Ratio (%), 2017–2022
        • Table Figure 43: Caymanian Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013–2022
  • Reinsurance Outlook
    • Premium Ceded
      • Table Caymanian Reinsurance – Premium Ceded by Insurance Segment (KYD Million), 2013–2017
      • Table Caymanian Reinsurance – Premium Ceded by Insurance Segment (KYD Million), 2017–2022
      • Table Figure 44: Caymanian Reinsurance – Premium Ceded by Insurance Segment (KYD Million), 2013–2022
      • Table Figure 45: Caymanian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2022
      • Table Figure 46: Caymanian General Insurance – Percentage of Reinsurance Ceded (%), 2013–2022
  • Distribution Channel Outlook
  • Natural and Man-Made Hazards
    • Hurricanes
    • Exposure
  • Competitive Landscape
    • Table Caymanian Insurance Industry – Leading Companies, 2017
    • Company Profiles
      • BAF Insurance Company (Cayman) Ltd – company overview
        • Table BAF Insurance Company (Cayman) Ltd – Key Facts
      • Cayman First Insurance Company Ltd – company overview
        • Table Cayman First Insurance Company Ltd – Key Facts
      • Pan-American Life Insurance Company of the Cayman Islands – company overview
        • Table Pan-American Life Insurance Company of the Cayman Islands – Key Facts
      • Saxon Motor & General Insurance Company – company overview
        • Table Saxon Motor & General Insurance Company – Key Facts
      • The Insurance Company of the West Indies (Cayman) Ltd – company overview
        • Table The Insurance Company of the West Indies (Cayman) Ltd – Key Facts
  • Governance, Risk and Compliance
    • Table The Cayman Islands – Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table The Cayman Islands – Life Insurance Regulatory Framework
      • Property insurance
        • Table The Cayman Islands – Property Insurance Regulatory Framework
      • Motor insurance
        • Table The Cayman Islands– Motor Insurance Regulatory Framework
      • Liability insurance
        • Table The Cayman Islands – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Marine liability insurance
      • Professional indemnity insurance for insurance brokers and insurance managers
      • Health insurance
        • Table The Cayman Islands– Health Insurance Regulatory Framework
      • Liability insurance for oil pollution by ship
    • Supervision and Control
      • Table Figure 47: The Cayman Islands – Insurance Supervision and Control at Various Levels
      • International Association of Insurance Supervisors
      • The Insurance Association of the Caribbean Inc
      • Cayman Islands Monetary Authority
      • Cayman Islands Insurance Association
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Table Figure 48: The Cayman Islands – Insurance Regulatory Frameworks for Company Registration and Operation
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table The Cayman Islands – Capital Requirements for Insurers
      • Solvency margin
        • Table The Cayman Islands –Prescribed Capital Requirement for Class B and Class C insurers
        • Table The Cayman Islands – Prescribed Capital Requirement Class D insurers
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
        • Table The Cayman Islands – Annual and License Fees
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Caymanian Life Insurance – Policies and Premium, 2013–2017
        • Table Caymanian Life Insurance – Policies and Premium, 2017–2022
      • Claims and expenses
        • Table Caymanian Life Insurance – Claims and Expenses, 2013–2017
        • Table Caymanian Life Insurance – Claims and Expenses, 2017–2022
    • General Insurance
      • Policies and premium
        • Table Caymanian General Insurance – Policies and Premium, 2013–2017
        • Table Caymanian General Insurance – Policies and Premium, 2017–2022
      • Claims and expenses
        • Table Caymanian General Insurance – Claims and Expenses, 2013–2017
        • Table Caymanian General Insurance – Claims and Expenses, 2017–2022
      • Property insurance
        • Table Caymanian General Insurance – Property Insurance, 2013–2017
        • Table Caymanian General Insurance – Property Insurance, 2017–2022
      • Motor insurance
        • Table Caymanian General Insurance – Motor Insurance, 2013–2017
        • Table Caymanian General Insurance – Motor Insurance, 2017–2022
      • Liability insurance
        • Table Caymanian General Insurance – Liability Insurance, 2013–2017
        • Table Caymanian General Insurance – Liability Insurance, 2017–2022
      • Marine, aviation and transit insurance
        • Table Caymanian General Insurance – Marine, Aviation and Transit Insurance, 2013–2017
        • Table Caymanian General Insurance – Marine, Aviation and Transit Insurance, 2017–2022
      • Personal Accident and Health Insurance
        • Table Caymanian General Insurance – Personal Accident and Health Insurance, 2013– 2017
        • Table Caymanian General Insurance – Personal Accident and Health Insurance, 2017– 2022
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
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