Cayman Islands Insurance Industry – Key Trends and Opportunities to 2027

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Cayman Islands Insurance Market Report Overview

The gross written premium of the Cayman Islands insurance market was KYD904.1 million ($1,084.9 million) in 2022. The market is expected to achieve a CAGR of more than 8% during 2023-2027.

Cayman Islands Insurance Market Outlook, 2022-2027 (KYD Million)

Cayman Islands Insurance Market Outlook, 2022-2027 (KYD Million)

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The Cayman Islands insurance market research report provides in-depth market analysis, information, and insights into the Cayman Islands insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Cayman Islands economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers information on segment dynamics, 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.

Market Size (2022) KYD904.1 million ($1,084.9 million) (GWP)
CAGR (2023-2027) >8%
Forecast Period 2023-2027
Historical Period 2017-2022
Key Segments Life Insurance and General Insurance
Leading Players Cayman First, British Caymanian, Saxon, and Others

Cayman Islands Insurance Market Trends

Claim settlement and insurtech are some of the key trends impacting the Cayman Islands insurance market.

Claim settlement: Claims settlement has been the priority for the Cayman First Insurance company. To ease the claim settlement, and to avoid delay in the settlement process, a portal for client verification was developed in December 2022. The company has upgraded the claim settlement system which has made the claim settlement a smooth process. The portal will help the providers to submit all claims online for quicker processing of claims and payments. This will help members to access their invoice and information benefits. This has automated the process, reducing the wait time for the claims. A consultant has been hired to make the workflow easier, and a process has been automated been set in place, which has reduced the wait time for the claimers.

Insurtech: Greenlight Re Innovations (GRI) announced its investment in Otonomi, a cargo insurance platform, in October 2022. It will develop parametric coverage for air, ground, and marine cargo and freight delays. As most of the companies face supply chain disruption, Otonomi provides insurance on a per-shipment basis to mitigate interruptions. It also uses blockchain technology to administer to administer the policies as well as enabling automatic claim payment system.

For additional information about the Cayman Islands insurance market trends, download a free sample report

Cayman Islands Insurance Market by Segments

The key segments in the Cayman Islands insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.

General Insurance: It can be further divided into key lines of business including general insurance PA&H, MAT, Liability, Motor, Property, and Miscellaneous. In 2022, General PA&H was the largest general insurance line, followed by property insurance and liability.

Life Insurance: The growth of this sector can be attributed to the endowment as consumers have reclined towards endowment plans as banks have decreased the deposit interest rates. AIA provides a wide range of customized endowment schemes that gives consumers a more stable return than in deposits. Other sub-segments of the life insurance segment include whole life, term life, life personal accident and health, and other life insurance.

Cayman Islands Insurance Market Analysis by Segments, 2022 (%)

Cayman Islands Insurance Market Analysis by Segments, 2022 (%)

For more segment insights into the Cayman Islands insurance market, download a free report sample

Cayman Islands Insurance Market – Competitive Landscape

Some of the key players in the Cayman Islands insurance sector are Cayman First, British Caymanian, Saxon, and Others. In 2021, Cayman First was the leading insurer.

Cayman Islands Insurance Market Analysis by Players, 2021 (%)

Cayman Islands Insurance Market Analysis by Players, 2021 (%)

For more players’ insights into the Cayman Islands insurance market, download a free report sample

Segments Covered in the Report

Cayman Islands Insurance Market Segments Outlook (Value, BND Million, 2017-2027)

  • Life Insurance
  • General Insurance

Scope

This report provides:

  • Comprehensive analysis of the Cayman Islands insurance industry.
  • Historical values for the Cayman Islands insurance industry for the report’s review period and projected figures for the forecast period.
  • A detailed analysis of the key categories in the Cayman Islands insurance industry, and market forecasts to 2027.
  • Profiles of the top life insurance companies in Cayman Islands and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the Cayman Islands insurance industry.
  • A comprehensive overview of the Cayman Islands economy, government initiatives, and investment opportunities.
  • The Cayman Islands insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • The Cayman Islands insurance industry’s market structure giving details of lines of business.
  • Cayman Islands’s reinsurance business’s market structure giving details of premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Cayman Islands insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Cayman Islands insurance industry.
  • Assess the competitive dynamics in the Cayman Islands insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

British Caymanian Insurance Co. Ltd
Cayman First Insurance Co. Ltd
Saxon Motor & General Insurance Co. Ltd

Table of Contents

  1. Executive Summary
  2. Economy Overview
  3. Regulatory and Compliance
  4. Key Market Trends
  5. Life Insurance: Summary trends and KPIs
  6. Life Insurance: Key Trends by LOB
  7. General Insurance: Summary trends and KPIs
  8. General Insurance: Key Trends by LOB
  9. Competitive Landscape
  10. Reinsurance
  11. Appendix

Frequently asked questions

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