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

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Details

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 GlobalData's 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.

GlobalData's '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.

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Table Of Content

Scope

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 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 GlobalData

14.1 Contact GlobalData

14.2 About GlobalData

14.3 GlobalData's Services

14.4 Disclaimer


List Of Figure

List of Figures

Figure 1: Caymanian Real GDP (KYD Billion), 2013-2022

Figure 2: Caymanian Exchange Rate (KYD per USD ), 2013-2022

Figure 3: Caymanian Inflation Rate (%), 2013-2022

Figure 4: Caymanian Unemployment Rate, 2013-2017

Figure 5: Caymanian Population by Age Group (Thousand), 2013-2022

Figure 6: Caymanian Insurance Industry-Gross Written Premium (KYD Million), 2013-2022

Figure 7: Caymanian Insurance Industry-Density (KYD), 2013-2022

Figure 8: Caymanian Insurance Industry-Paid Claims (KYD Million), 2013-2022

Figure 9: Caymanian Life Insurance-Gross Written Premium (KYD Million), 2013-2022

Figure 10: Caymanian Life Insurance-Paid Claims (KYD Million), 2013-2022

Figure 11: Caymanian Life Insurance-Penetration (%), 2013-2017

Figure 12: Caymanian Life Insurance-Penetration (%), 2017-2022

Figure 13: Caymanian General Insurance-Gross Written Premium (KYD Million), 2013-2022

Figure 14: Caymanian General Insurance-Paid Claims (KYD Million), 2013-2022

Figure 15: Caymanian General Insurance-Penetration (%), 2013-2017

Figure 16: Caymanian General Insurance-Penetration (%), 2017-2022

Figure 17: Caymanian General Insurance-Loss Ratio (%), 2013-2017

Figure 18: Caymanian General Insurance-Loss Ratio (%), 2017-2022

Figure 19: Caymanian Property Insurance-Gross Written Premium (KYD Million), 2013-2022

Figure 20: Caymanian Property Insurance-Penetration (%), 2013-2017

Figure 21: Caymanian Property Insurance-Penetration (%), 2017-2022

Figure 22: Caymanian Property Insurance-Paid Claims (KYD Million), 2013-2022

Figure 23: Caymanian Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-2022

Figure 24: Caymanian Motor Insurance-Gross Written Premium (KYD Million), 2013-2022

Figure 25: Caymanian Motor Insurance-Penetration (%), 2013-2017

Figure 26: Caymanian Motor Insurance-Penetration (%), 2017-2022

Figure 27: Caymanian Motor Insurance-Paid Claims (KYD Million), 2013-2022

Figure 28: Caymanian Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-2022

Figure 29: Caymanian Liability Insurance-Gross Written Premium (KYD Million), 2013-2022

Figure 30: Caymanian Liability Insurance-Penetration (%), 2013-2017

Figure 31: Caymanian Liability Insurance-Penetration (%), 2017-2022

Figure 32: Caymanian Liability Insurance-Paid Claims (KYD Million), 2013-2022

Figure 33: Caymanian Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-2022

Figure 34: Caymanian Marine, Aviation and Transit Insurance-Gross Written Premium (KYD Million), 2013-2022

Figure 35: Caymanian Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017

Figure 36: Caymanian Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022

Figure 37: Caymanian Marine, Aviation and Transit Insurance-Paid Claims (KYD Million), 2013-2022

Figure 38: Caymanian Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-2022

Figure 39: Caymanian Personal Accident and Health Insurance-Gross Written Premium (KYD Million), 2013-2022

Figure 40: Caymanian Personal Accident and Health Insurance-Penetration (%), 2013-2017

Figure 41: Caymanian Personal Accident and Health Insurance-Penetration (%), 2017-2022

Figure 42: Caymanian Personal Accident and Health Insurance-Paid Claims (KYD Million), 2013-2022

Figure 43: Caymanian Personal Accident and Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (KYD Million and %), 2013-2022

Figure 44: Caymanian Reinsurance-Premium Ceded by Insurance Segment (KYD Million), 2013-2022

Figure 45: Caymanian Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022

Figure 46: Caymanian General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022

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


List Of Table

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 USD Million), 2013-2017

Table 6: Caymanian Insurance Industry-Gross Written Premium (KYD Million and USD Million), 2017-2022

Table 7: Caymanian Insurance Industry-Density (KYD), 2013-2017

Table 8: Caymanian Insurance Industry-Density (KYD), 2017-2022

Table 9: Caymanian Insurance Industry-Paid Claims (KYD Million and USD Million), 2013-2017

Table 10: Caymanian Insurance Industry-Paid Claims (KYD Million and USD Million), 2017-2022

Table 11: Caymanian Life Insurance-Gross Written Premium (KYD Million and USD Million), 2013-2017

Table 12: Caymanian Life Insurance-Gross Written Premium (KYD Million and USD Million), 2017-2022

Table 13: Caymanian Life Insurance-Paid Claims (KYD Million and USD Million), 2013-2017

Table 14: Caymanian Life Insurance-Paid Claims (KYD Million and USD Million), 2017-2022

Table 15: Caymanian General Insurance-Gross Written Premium (KYD Million and USD Million), 2013-2017

Table 16: Caymanian General Insurance-Gross Written Premium (KYD Million and USD Million), 2017-2022

Table 17: Caymanian General Insurance-Paid Claims (KYD Million and USD Million), 2013-2017

Table 18: Caymanian General Insurance-Paid Claims (KYD Million and USD Million), 2017-2022

Table 19: Caymanian Property Insurance-Gross Written Premium (KYD Million and USD Million), 2013-2017

Table 20: Caymanian Property Insurance-Gross Written Premium (KYD Million and USD Million), 2017-2022

Table 21: Caymanian Property Insurance-Paid Claims (KYD Million and USD Million), 2013-2017

Table 22: Caymanian Property Insurance-Paid Claims (KYD Million and USD Million), 2017-2022

Table 23: Caymanian Property Insurance-Loss Ratio (%), 2013-2017

Table 24: Caymanian Property Insurance-Loss Ratio (%), 2017-2022

Table 25: Caymanian Motor Insurance-Gross Written Premium (KYD Million and USD Million), 2013-2017

Table 26: Caymanian Motor Insurance-Gross Written Premium (KYD Million and USD Million), 2017-2022

Table 27: Caymanian Motor Insurance-Paid Claims (KYD Million and USD million), 2013-2017

Table 28: Caymanian Motor Insurance-Paid Claims (KYD Million and USD Million), 2017-2022

Table 29: Caymanian Motor Insurance-Loss Ratio (%), 2013-2017

Table 30: Caymanian Motor Insurance-Loss Ratio (%), 2017-2022

Table 31: Caymanian Liability Insurance-Gross Written Premium (KYD Million and USD Million), 2013-2017

Table 32: Caymanian Liability Insurance-Gross Written Premium (KYD Million and USD Million), 2017-2022

Table 33: Caymanian Liability Insurance-Paid Claims (KYD Million and USD Million), 2013-2017

Table 34: Caymanian Liability Insurance-Paid Claims (KYD Million and USD Million), 2017-2022

Table 35: Caymanian Liability Insurance-Loss Ratio (%), 2013-2017

Table 36: Caymanian Liability Insurance-Loss Ratio (%), 2017-2022

Table 37: Caymanian Marine, Aviation and Transit Insurance-Gross Written Premium (KYD Million and USD Million), 2013-2017

Table 38: Caymanian Marine, Aviation and Transit Insurance-Gross Written Premium (KYD Million and USD Million), 2017-2022

Table 39: Caymanian Marine, Aviation and Transit Insurance-Paid Claims (KYD Million and USD Million), 2013-2017

Table 40: Caymanian Marine, Aviation and Transit Insurance-Paid Claims (KYD Million and USD Million), 2017-2022

Table 41: Caymanian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2013-2017

Table 42: Caymanian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2017-2022

Table 43: Caymanian Personal Accident and Health Insurance-Gross Written Premium (KYD Million and USD Million), 2013-2017

Table 44: Caymanian Personal Accident and Health Insurance-Gross Written Premium (KYD Million and USD Million), 2017-2022

Table 45: Caymanian Personal Accident and Health Insurance-Paid Claims (KYD Million and USD Million), 2013-2017

Table 46: Caymanian Personal Accident and Health Insurance-Paid Claims (KYD Million and USD Million), 2017-2022

Table 47: Caymanian Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017

Table 48: Caymanian Personal Accident and Health Insurance-Loss Ratio (%), 2017-2022

Table 49: Caymanian Reinsurance-Premium Ceded by Insurance Segment (KYD Million), 2013-2017

Table 50: Caymanian Reinsurance-Premium Ceded by Insurance Segment (KYD Million), 2017-2022

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, 2017-2022

Table 69: Caymanian Life Insurance-Claims and Expenses, 2013-2017

Table 70: Caymanian Life Insurance-Claims and Expenses, 2017-2022

Table 71: Caymanian General Insurance-Policies and Premium, 2013-2017

Table 72: Caymanian General Insurance-Policies and Premium, 2017-2022

Table 73: Caymanian General Insurance-Claims and Expenses, 2013-2017

Table 74: Caymanian General Insurance-Claims and Expenses, 2017-2022

Table 75: Caymanian General Insurance-Property Insurance, 2013-2017

Table 76: Caymanian General Insurance-Property Insurance, 2017-2022

Table 77: Caymanian General Insurance-Motor Insurance, 2013-2017

Table 78: Caymanian General Insurance-Motor Insurance, 2017-2022

Table 79: Caymanian General Insurance-Liability Insurance, 2013-2017

Table 80: Caymanian General Insurance-Liability Insurance, 2017-2022

Table 81: Caymanian General Insurance-Marine, Aviation and Transit Insurance, 2013-2017

Table 82: Caymanian General Insurance-Marine, Aviation and Transit Insurance, 2017-2022

Table 83: Caymanian General Insurance-Personal Accident and Health Insurance, 2013-2017

Table 84: Caymanian General Insurance-Personal Accident and Health Insurance, 2017-2022

Table 85: Insurance Industry Definitions

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Products and Companies

Products

Caymanian insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance


Companies

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