Half of insurance sector jobs held by Caymanians
(CNS): The international insurance sector contributes significantly to the Cayman Islands economy, with an annual impact of over $233 million in direct and indirect spending and the employment of 256 people, half of whom are Caymanians, according to a new report from the local industry body. The Insurance Managers Association of Cayman (IMAC) said the sector gave around $18 million to government coffers annually, supports over 40,000 stayover days of tourism and spends about $136 million on fees with other local financial sector service providers.
The report does not indicate the actual profit that local firms in the sector are making or whether that is balanced against the $18 million fees paid to the government and the level of employment. However, according to CIMA’s most recently published figures, the international insurance companies it regulates wrote $41,224,435,382 worth of premiums last year.
IMAC said the figures in the report could underestimate the real economic impact of the broader sector due to data limitations, as the survey did not capture most of the reinsurance firms that operate in the Cayman Islands. The association also noted that the Economics and Statistics Office (ESO) does not provide a direct measurement of the financial services sector’s contribution to GDP. But using data from a range of studies, this report estimates the economic impact of the insurance sector to be almost 5% of GDP.
The estimated annual average salary per person is based on the ESO’s 2018 compensation report and therefore has little relationship to the pay now and the subsequent significant inflation rate over the last seven years. However, IMAC claims that figures provided by a small sample of firms indicate that average salaries are higher than the last ESO report. Although Caymanians hold only 49% of the 256 direct jobs within the sector, another 23% are held by permanent residents and spouses of locals.
FTS, an independent consulting firm, conducted the study based on a survey of IMAC members and interviews with key industry stakeholders. CIRCA, the industry body representing reinsurance firms, provided additional data to ensure a holistic assessment of the sector’s impact.
“This report reinforces the international insurance sector’s role as a driving force behind the Cayman Islands’ economic growth,” said Brittany MacVicar, associate director at Cayman Finance. “From driving economic growth and creating high-value employment opportunities to supporting local businesses, the industry’s impact is both substantial and far-reaching. Its synergy with tourism, government revenues, and community initiatives underscores its importance to the broader financial services ecosystem.”
The study is meant to provide policymakers, industry stakeholders and the public with clear, measurable data on the sector’s contributions. The report also emphasises the industry’s ongoing commitment to education, training and community engagement, including scholarships and workforce development initiatives.
“The international insurance sector is a major pillar of our financial services industry, and its continued growth will be instrumental in shaping Cayman’s economic future,” said CIRCA Chair Gregg Mitchell. “We look forward to further collaboration to ensure that Cayman remains a premier jurisdiction for reinsurance.”
See the full Economic Impact Report below:
- Fascinated 15%
- Happy 1362%
- Sad 15%
- Angry 524%
- Bored 15%
- Afraid 00%
Category: Business, Financial Services
So?? Paper Caymanians are the realest Caymanians
Who are?
CI Tax Free Treasury Bond
With so much US Aide being cut or put on hold that is expected to severely affect a lot of nations including some Caribbean States
If the Caribbean Development Bank decide to be creative and issue 30 n 40 year Bonds to raise money to loan the other Caribbean States, and if the CDB decide to turn to the Insurance reserve funds in the Cayman Islands n Bermuda to raise those funds
https://youtu.be/N7OlrO0iLME?si=cVO8FSXH5rV8onFm
The expected Cayman Islands Capital Projects coming down the pipe line with CI Tax Free Treasury Bond will get what the duck got……
To the people saying “the industry can do better”, you do realise that only 40% of the private sector workforce is Caymanian, right? You can’t say every industry can do better, you can only have one Caymanian in one job. Everyone can’t do better than the average. What number should we aim for and which other industries do you propose those Caymanians should come from?
You should also realise that it is very difficult for employers to get work permits. They have to show there are no Caymanians available and WORC will decline a permit for any spurious reason, let alone that there is a Caymanian available.
Essentially there is no evidence whatsoever that the sector can do better and plenty of evidence to argue that they have done as well as they could.
Anyone downvoting this comment needs to go back to school and learn some very basic maths.
Sorry…that may be your view. Cayman is a free country and we respect all view points made
Real question is: how many of the Caymanians employed are Caymanians as of right (generational Caymanians)?
How many Caymanians are hired is the real number to follow…rather than number of Caymanians who work in this sector. I have been working in yhe insurance sector for 25 years and most of those Caymanians employed are mainly Irish nationals and Canadian nationals who acquired Cayman status.
Agree. The open secret is that you have to be an expat with Cayman status to get a senior position in the Insurance Sector in Cayman. I am aware of professionally qualified heritage Caymanians who have been sidelined for promotion…as they are not part of the ‘after hours drinking club’
Is Reinsurance an industry worth looking to building a career into as a young Caymanian? I ask as I am still in high school considering what to do for my future.
I would say yes. But… professionalism, dependency, punctuality, language skills, appearance, BASIC professionalism skills that are severely lacking in Caymanian students are crucial. You want to excel… Be above the typical Caymanian student! Is reinsurance a good profession… YES, but you got to get there after the stepping stones of the industry. Accept entry level, be professional and EXCEL. Go up the ladder slowly, but steadily. (((All this you have heard and already know. DO IT!))). I wish you well.
To 1:12pm: I have a young Caymanian student wondering the same and this was the guidance I offered: Look at what careers will be in demand in five or ten years and research the ones that require those skills that come to you naturally. Does being stuck in an office all day sound appealing to you, or do you prefer to be outdoors? Do you like working with people or helping others without directly interacting with them? We need young, dynamic Caymanians in every field. Yes, for all of them you will have to start at the bottom and develop strong work ethics, but identify something that is part of who you are, so you enjoy doing it for the next 15, 20 years. And do not be afraid to create a plan B. The old days of doing the same career until you were old are over! People nowadays change career three or four times in their lifetime, and that is okay. Wish you all the best.
Go get your actuarial qualifications and you’ll do good in the industry.
Or do well if they have a better command of English than you.
It is a shame you didn’t learn grammar.
Get your underwriting qualifications, become a Chartered Insurer, A/FCII, CPCU and you’ll do a lot better.
as it should be
1. How many of the 125 Caymanians in employment in the sector became Caymanian after they were already employed in the sector?
2. see #1 above.
Then (perhaps) the sector can boast of its positive impact on the employment of local persons in meaningful jobs. I doubt it.
Do you say the same about Dart..
Yes.
I agree with your comment. It is not native Caymanians working in the insurance industry for sure. It is a pity that the young Caymanians are not encouraged to seek employment in that sector. But then again it is not native Caymanian and those in the industry look out for their friends from overseas and bring that in to fill the positions.
Half is a respectable figure, but we can do better. We have many Caymanians who are willing and able to train, to learn, to grow in all industries. Why does the private sector not hold two-day job fairs with an honest commitment to hire Caymanians? Week 1 Monday: showcase the available roles and receive CVs. Week 2 Monday: interview the most suitable candidates in situ. Starting date: Week 3 Monday (subject to successful applicants providing police record, drug test, confirmed Caymanian letter, relevant experience references, etc.)
Though the above is merely a suggestion, the misperception that the majority of Caymanians are lazy, or have bad work ethics, or feel entitled needs to be debunked by both sides. The Chamber of Commerce held a career fair on March 25th. Did the majority of job seekers know about it?
‘The Chamber of Commerce held a career fair on March 25th. Did the majority of job seekers know about it?’
If someone is looking for a job they should know about it or are not looking hard enough!
To 12:37pm: I clearly said “the majority”. Obviously, you have never been unemployed in your blessed life. Well, I truly wish it never happens to you, my friend, because trust me, when you are used to being a productive member of your community and for reasons beyond your control you lose that ability, it is not for the sheltered or the faint-hearted. A little empathy might do you good.
Not ‘obvious’, assumptions.
If you are looking for a job, you wouldn’t sign on to Chamber of Commerce platform..a little initiative might do you good, my friend.
Many Caymanians wouldn’t be able to get past step 2 as they likely have a criminal record already, won’t pass a drug test, or won’t be able to get a good reference from any previous employer. Attack me if you like, but you know it’s the truth.
To 3:08am: I wonder who you hang out with, to have arrived at such a pitiful, narrow-minded conclusion.
Caymanians make up 40% of the private sector workforce. Why do you assume we can “do better” in the insurance sector when it’s already at 50%? Insurance and actuarial work is extremely math heavy and 50% of our high school graduates are effectively innumerate. Given that the smartest kids are also in demand by the legal and accounting professions that leaves very few in any given year group to look at insurance…