Captive market claims boost to local economy
(CNS): The Insurance Managers Association of Cayman claims that the captive market generated US$100 million for the local economy in 2016, based on recently published results from an economic impact survey. An IMAC survey found that the captive industry generated US$72 million in revenue for Cayman’s service providers, and currently provides employment for around 300, nearly half of whom are Caymanian. Government collected US$11 million in fees paid by the sector to the Cayman Islands Monetary Authority (CIMA) and Registrar of Companies.
The industry is also projecting that 2017 will also be a bumper year, as the Q3 results from the Cayman Islands Monetary Authority (CIMA) showed total premiums written at nearly $12.4 billion, with assets under management at over $61 billion.
“Over the summer our research and development committee conducted research on precisely how the captive insurance industry benefits the Cayman Islands,” said IMAC Chair Erin Brosnihan. “When our industry thrives, Cayman thrives – and when it comes to captive insurance, we are on top. We are the second largest jurisdiction in the world and on the heels of Bermuda,” she said, adding that given the 2017 results so far, total premiums will rise to around $16 billion by year end.
“We also mustn’t forget that captive insurance also boosts Cayman’s tourism product,” Brosnihan claimed. “Captive business conducted in Cayman generated US$16 million for the hospitality industry.”
Each November Cayman hosts the world’s largest captive insurance conference, with over 1,400 delegates, which in addition to bringing visitors assists with the funding of the Scholarship Foundation.
“We have generated US $3.4 million since inception of the Foundation from funds raised via donations and since 2005, surpluses generated from the Cayman Captive Forum and, and have so far assisted 42 young Caymanians achieve higher education over the years.”
IMAC also supports the Cayman HospiceCare, Cayman Islands Crisis Center and the Cayman Islands Cancer Society.
