Article

The Cayman Captive Forum 2024, held in the Cayman Islands, showcased the jurisdiction's prominence in the global captive insurance industry. The forum opened with remarks from Kieran Mehigan, managing director of Marsh and chairman of the Insurance Managers Association of Cayman (IMAC). He emphasized the conference's growth and international appeal, noting that it was fully sold out.

Industry Performance

• In 2024, 33 new insurance licenses were issued, with more pending approval
• 2023 saw a decade-high of 41 licenses issued
• The first half of 2024 witnessed a 50% increase in new international insurance licenses compared to the same period in 2023

Economic Impact

A recent study revealed that the insurance sector contributes significantly to the Cayman Islands' economy:

• Approximately $280 million annual contribution
• $100 million in payments to local businesses and government
• Over 40,000 business travel days generating $20 million annually, directly supporting tourism

Licensing Statistics

As of Q2 2024, the Cayman Islands had:

• 700 Class B, C, and D insurance companies
• Approximately $40 billion in premiums written
• $151 billion in total assets (excluding individual cells)

Key Topics

The forum covered various critical topics shaping the industry, including:

• AI in risk control
• Insuring controversial risks
• Adapting to market challenges

Conclusion

The Cayman Captive Forum 2024 reinforced the Cayman Islands' position as a leading domicile for captive insurance. The event highlighted the industry's growth, economic impact, and ongoing innovation in addressing market challenges and opportunities.