The Cayman Islands have been ranked as one of the largest financial
centers in the world, and of course, there are several things that have
contributed to the development of the core financial sector. For example, mutual
funds and banking have contributed to the success of the Cayman insurance
and financial industries simultaneously.
The insurance industry practitioners tend to remain ever-competitive in
their services, while being deeply familiar with the trends that affect global
businesses that rely on financial services in Cayman. This is one of the prime
reasons why the Cayman Islands, among others, have been established as the
ultimate choice for individuals and companies looking for self-insurance
programs that provide maximum retention of profits and actuarial risk coverage.
With the increasing population, infrastructure development, and growing
awareness, the demand for insurance in Cayman has been at its peak. Almost
every household has insurance coverage of some form, and most companies offer
group insurance plans to their employees. Despite being a small island city
with a small population, there are around 700 prominent insurance companies
that are registered in Cayman.
If you're wondering what is so lucrative about the Cayman Islands in
order for this location to attract insurance companies, the answer is simple.
Cayman is one of the best tourist destinations in the world, wherein a good
section of travelers have converted into permanent or long-term residents owing
to lucrative business opportunities, security and modern amenities that the
island provides.
Catering to the growing need for insurance, the number of captive
companies has also increased, contributing significantly to the financial
industry. In addition to this, growth in mutual funds and banking has also lead
to success in the insurance industry because most companies and banking
institutions tie up lucrative insurance plans with mutual funds or other
products, improving awareness and revenues.
Cayman is a member of the Offshore Group of Insurance Supervisors,
which is under the affiliation of the International Association of Insurance
Supervision. This allows foreign citizens to buy insurance plans from Cayman
companies without any restrictions as such. The position of the insurance
industry is further strengthened by the amendment of the Segregated Portfolio
Companies Law, 1998. This law is particularly catered to medium and small
insurance companies in Cayman that don’t have the capital to establish captive
in the market.
Insurance companies in the Cayman Islands
offer a wide variety of choices in life insurance, health, and general
insurance, catering to the discerning needs of buyers. Growth in the Cayman
insurance industry has contributed significantly to the financial sector, which
is why the islands stand as one of the top financial centers in the world, and
the trend is here to stay.
