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

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    Report

  • 119 Pages
  • June 2018
  • GlobalData
  • ID: 4592004
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The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2022

Summary

This 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, and provides detailed information on the competitive landscape in the country.

The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

'The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2022' 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 Highlights
  • 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.

Table of Contents

1. Key Facts and Highlights2 Executive Summary3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Paid claims
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Paid claims
5.1.3 Penetration
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Paid claims
6.1.3 Penetration
6.1.4 Loss ratio
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.2.3 Claims
6.2.4 Profitability
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.3.3 Claims
6.3.4 Profitability
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.4.3 Claims
6.4.4 Profitability
6.5 Marine, Aviation and Transit Insurance
6.5.1 Gross written premium
6.5.2 Penetration
6.5.3 Claims
6.5.4 Profitability
6.6 Personal Accident and Health Insurance
6.6.1 Gross written premium
6.6.2 Penetration
6.6.3 Claims
6.6.4 Profitability
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Hurricanes
9.2 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 BAF Insurance Company (Cayman) Ltd - company overview
10.1.2 Cayman First Insurance Company Ltd - company overview
10.1.3 Pan-American Life Insurance Company of the Cayman Islands - company overview
10.1.4 Saxon Motor & General Insurance Company - company overview
10.1.5 The Insurance Company of the West Indies (Cayman) Ltd - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Marine liability insurance
11.4.3 Professional indemnity insurance for insurance brokers and insurance managers
11.4.4 Health insurance
11.4.5 Liability insurance for oil pollution by ship
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 The Insurance Association of the Caribbean Inc
11.5.3 Cayman Islands Monetary Authority
11.5.4 Cayman Islands Insurance Association
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Property insurance
12.2.4 Motor insurance
12.2.5 Liability insurance
12.2.6 Marine, aviation and transit insurance
12.2.7 Personal Accident and Health Insurance
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About the Publisher
14.1 Contact the Publisher
14.2 About the Publisher
14.3 Services
14.4 Disclaimer
List of Tables
Table 1: Caymanian Insurance Industry - Key Facts, 2017
Table 2: Caymanian Insurance Industry - Leading Insurers, 2017
Table 3: Caymanian Government Credit Ratings
Table 4: Caymanian Captive Insurance -Premium Share (%) by Business Class, 2017
Table 5: Caymanian Insurance Industry - Gross Written Premium (KYD Million and US$ Million), 2013-2017
Table 6: Caymanian Insurance Industry - Gross Written Premium (KYD Million and US$ Million), 2017-
Table 7: Caymanian Insurance Industry - Density (KYD), 2013-2017
Table 8: Caymanian Insurance Industry - Density (KYD), 2017-
Table 9: Caymanian Insurance Industry - Paid Claims (KYD Million and US$ Million), 2013-2017
Table 10: Caymanian Insurance Industry - Paid Claims (KYD Million and US$ Million), 2017-
Table 11: Caymanian Life Insurance - Gross Written Premium (KYD Million and US$ Million), 2013-2017
Table 12: Caymanian Life Insurance - Gross Written Premium (KYD Million and US$ Million), 2017-
Table 13: Caymanian Life Insurance - Paid Claims (KYD Million and US$ Million), 2013-2017
Table 14: Caymanian Life Insurance - Paid Claims (KYD Million and US$ Million), 2017-
Table 15: Caymanian General Insurance - Gross Written Premium (KYD Million and US$ Million), 2013-2017
Table 16: Caymanian General Insurance - Gross Written Premium (KYD Million and US$ Million), 2017-
Table 17: Caymanian General Insurance - Paid Claims (KYD Million and US$ Million), 2013-2017
Table 18: Caymanian General Insurance - Paid Claims (KYD Million and US$ Million), 2017-
Table 19: Caymanian Property Insurance - Gross Written Premium (KYD Million and US$ Million), 2013-2017
Table 20: Caymanian Property Insurance - Gross Written Premium (KYD Million and US$ Million), 2017-
Table 21: Caymanian Property Insurance - Paid Claims (KYD Million and US$ Million), 2013-2017
Table 22: Caymanian Property Insurance - Paid Claims (KYD Million and US$ Million), 2017-
Table 23: Caymanian Property Insurance - Loss Ratio (%), 2013-2017
Table 24: Caymanian Property Insurance - Loss Ratio (%), 2017-
Table 25: Caymanian Motor Insurance - Gross Written Premium (KYD Million and US$ Million), 2013-2017
Table 26: Caymanian Motor Insurance - Gross Written Premium (KYD Million and US$ Million), 2017-
Table 27: Caymanian Motor Insurance - Paid Claims (KYD Million and US$ million), 2013-2017
Table 28: Caymanian Motor Insurance - Paid Claims (KYD Million and US$ Million), 2017-
Table 29: Caymanian Motor Insurance - Loss Ratio (%), 2013-2017
Table 30: Caymanian Motor Insurance - Loss Ratio (%), 2017-
Table 31: Caymanian Liability Insurance - Gross Written Premium (KYD Million and US$ Million), 2013-2017
Table 32: Caymanian Liability Insurance - Gross Written Premium (KYD Million and US$ Million), 2017-
Table 33: Caymanian Liability Insurance - Paid Claims (KYD Million and US$ Million), 2013-2017
Table 34: Caymanian Liability Insurance - Paid Claims (KYD Million and US$ Million), 2017-
Table 35: Caymanian Liability Insurance - Loss Ratio (%), 2013-2017
Table 36: Caymanian Liability Insurance - Loss Ratio (%), 2017-
Table 37: Caymanian Marine, Aviation and Transit Insurance - Gross Written Premium (KYD Million and US$ Million), 2013-2017
Table 38: Caymanian Marine, Aviation and Transit Insurance - Gross Written Premium (KYD Million and US$ Million), 2017-
Table 39: Caymanian Marine, Aviation and Transit Insurance - Paid Claims (KYD Million and US$ Million), 2013-2017
Table 40: Caymanian Marine, Aviation and Transit Insurance - Paid Claims (KYD Million and US$ Million), 2017-
Table 41: Caymanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2013-2017
Table 42: Caymanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2017-
Table 43: Caymanian Personal Accident and Health Insurance - Gross Written Premium (KYD Million and US$ Million), 2013-2017
Table 44: Caymanian Personal Accident and Health Insurance - Gross Written Premium (KYD Million and US$ Million), 2017-
Table 45: Caymanian Personal Accident and Health Insurance - Paid Claims (KYD Million and US$ Million), 2013-2017
Table 46: Caymanian Personal Accident and Health Insurance - Paid Claims (KYD Million and US$ Million), 2017-
Table 47: Caymanian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017
Table 48: Caymanian Personal Accident and Health Insurance - Loss Ratio (%), 2017-
Table 49: Caymanian Reinsurance - Premium Ceded by Insurance Segment (KYD Million), 2013-2017
Table 50: Caymanian Reinsurance - Premium Ceded by Insurance Segment (KYD Million), 2017-
Table 51: Caymanian Insurance Industry - Leading Insurers, 2017
Table 52: BAF Insurance Company (Cayman) Ltd - Key Facts
Table 53: Cayman First Insurance Company Ltd - Key Facts
Table 54: Pan-American Life Insurance Company of the Cayman Islands - Key Facts
Table 55: Saxon Motor & General Insurance Company - Key Facts
Table 56: The Insurance Company of the West Indies (Cayman) Ltd - Key Facts
Table 57: The Cayman Islands - Insurance Regulatory Framework Key Features
Table 58: The Cayman Islands - Life Insurance Regulatory Framework
Table 59: The Cayman Islands - Property Insurance Regulatory Framework
Table 60: The Cayman Islands- Motor Insurance Regulatory Framework
Table 61: The Cayman Islands - Liability Insurance Regulatory Framework
Table 62: The Cayman Islands- Motor Insurance Regulatory Framework
Table 63: The Cayman Islands - Capital Requirements for Insurers
Table 64: The Cayman Islands -Prescribed Capital Requirement for Class B and Class C insurers
Table 65: The Cayman Islands - Prescribed Capital Requirement Class D insurers
Table 66: The Cayman Islands - Annual and License Fees
Table 67: Caymanian Life Insurance - Policies and Premium, 2013-2017
Table 68: Caymanian Life Insurance - Policies and Premium, 2017-
Table 69: Caymanian Life Insurance - Claims and Expenses, 2013-2017
Table 70: Caymanian Life Insurance - Claims and Expenses, 2017-
Table 71: Caymanian General Insurance - Policies and Premium, 2013-2017
Table 72: Caymanian General Insurance - Policies and Premium, 2017-
Table 73: Caymanian General Insurance - Claims and Expenses, 2013-2017
Table 74: Caymanian General Insurance - Claims and Expenses, 2017-
Table 75: Caymanian General Insurance - Property Insurance, 2013-2017
Table 76: Caymanian General Insurance - Property Insurance, 2017-
Table 77: Caymanian General Insurance - Motor Insurance, 2013-2017
Table 78: Caymanian General Insurance - Motor Insurance, 2017-
Table 79: Caymanian General Insurance - Liability Insurance, 2013-2017
Table 80: Caymanian General Insurance - Liability Insurance, 2017-
Table 81: Caymanian General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 82: Caymanian General Insurance - Marine, Aviation and Transit Insurance, 2017-
Table 83: Caymanian General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 84: Caymanian General Insurance - Personal Accident and Health Insurance, 2017-
Table 85: Insurance Industry Definitions
List of Figures
Figure 1: Caymanian Real GDP (KYD Billion), 2013-
Figure 2: Caymanian Exchange Rate (KYD per US$), 2013-
Figure 3: Caymanian Inflation Rate (%), 2013-
Figure 4: Caymanian Unemployment Rate, 2013-2017
Figure 5: Caymanian Population by Age Group (Thousand), 2013-
Figure 6: Caymanian Insurance Industry - Gross Written Premium (KYD Million), 2013-
Figure 7: Caymanian Insurance Industry - Density (KYD), 2013-
Figure 8: Caymanian Insurance Industry - Paid Claims (KYD Million), 2013-
Figure 9: Caymanian Life Insurance - Gross Written Premium (KYD Million), 2013-
Figure 10: Caymanian Life Insurance - Paid Claims (KYD Million), 2013-
Figure 11: Caymanian Life Insurance - Penetration (%), 2013-2017
Figure 12: Caymanian Life Insurance - Penetration (%), 2017-
Figure 13: Caymanian General Insurance - Gross Written Premium (KYD Million), 2013-
Figure 14: Caymanian General Insurance - Paid Claims (KYD Million), 2013-
Figure 15: Caymanian General Insurance - Penetration (%), 2013-2017
Figure 16: Caymanian General Insurance - Penetration (%), 2017-
Figure 17: Caymanian General Insurance - Loss Ratio (%), 2013-2017
Figure 18: Caymanian General Insurance - Loss Ratio (%), 2017-
Figure 19: Caymanian Property Insurance - Gross Written Premium (KYD Million), 2013-
Figure 20: Caymanian Property Insurance - Penetration (%), 2013-2017
Figure 21: Caymanian Property Insurance - Penetration (%), 2017-
Figure 22: Caymanian Property Insurance - Paid Claims (KYD Million), 2013-
Figure 23: Caymanian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-
Figure 24: Caymanian Motor Insurance - Gross Written Premium (KYD Million), 2013-
Figure 25: Caymanian Motor Insurance - Penetration (%), 2013-2017
Figure 26: Caymanian Motor Insurance - Penetration (%), 2017-
Figure 27: Caymanian Motor Insurance - Paid Claims (KYD Million), 2013-
Figure 28: Caymanian Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-
Figure 29: Caymanian Liability Insurance - Gross Written Premium (KYD Million), 2013-
Figure 30: Caymanian Liability Insurance - Penetration (%), 2013-2017
Figure 31: Caymanian Liability Insurance - Penetration (%), 2017-
Figure 32: Caymanian Liability Insurance - Paid Claims (KYD Million), 2013-
Figure 33: Caymanian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-
Figure 34: Caymanian Marine, Aviation and Transit Insurance - Gross Written Premium (KYD Million), 2013-
Figure 35: Caymanian Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 36: Caymanian Marine, Aviation and Transit Insurance - Penetration (%), 2017-
Figure 37: Caymanian Marine, Aviation and Transit Insurance - Paid Claims (KYD Million), 2013-
Figure 38: Caymanian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-
Figure 39: Caymanian Personal Accident and Health Insurance - Gross Written Premium (KYD Million), 2013-
Figure 40: Caymanian Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 41: Caymanian Personal Accident and Health Insurance - Penetration (%), 2017-
Figure 42: Caymanian Personal Accident and Health Insurance - Paid Claims (KYD Million), 2013-
Figure 43: Caymanian Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-
Figure 44: Caymanian Reinsurance - Premium Ceded by Insurance Segment (KYD Million), 2013-
Figure 45: Caymanian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 46: Caymanian General Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 47: The Cayman Islands - Insurance Supervision and Control at Various Levels
Figure 48: The Cayman Islands - Insurance Regulatory Frameworks for Company Registration and Operation

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • BAF Insurance Company (Cayman) Limited

  • Cayman First Insurance Company Limited

  • Pan-American Life Insurance Company of the Cayman Islands

  • Saxon Motor & General Insurance Company

  • The Insurance Company of the West Indies (Cayman) Limited

  • American Home Assurance Company

  • Caribbean Alliance Insurance Company

  • Ironshore Insurance Ltd

  • Colonial Life Assurance Company Limited

  • Generali Worldwide Insurance Company Limited

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