Insurance
CINICO moves into property insurance
(CNS): The government-owned Cayman Islands National Insurance Company, which in March announced that it had extended its offerings to include motor insurance, has now moved into the home insurance business. CINICO is offering parametric insurance to homeowners, either as part of its basic package or as a separate policy.
CIIA urges residents to make insurance claims asap
(CNS): Homeowners whose property was damaged by Hurricane Beryl should contact their insurance providers as soon as possible, the Cayman Islands Insurance Association has said. Insurance providers can receive and assist with claims, CIIA said, but prompt communication is crucial to ensure they are processed efficiently and effectively. However, the association said that most insurance […]
Insurance sector predicting ‘exceptional’ year
(CNS): The number of premiums written and total assets managed by insurance firms licensed in the Cayman Islands doubled in the fourth quarter of 2023, standing at $58 billion and $130 billion, respectively. Insurance sector licensing statistics released by the Cayman Islands Monetary Authority (CIMA) show that last year, the jurisdiction issued 40 new international […]
Reinsurance sector ‘thriving’ in Cayman, expert says
(CNS): The reinsurance sector in Cayman is thriving, according to Graham Mackay, the chairman of the Cayman International Reinsurance Companies Association. Mackay was one of a number of local delegates who took part last week in the annual New York breakfast briefing, the first after a three-year hiatus due to the pandemic, hosted by representatives […]
Insurance sector expects to ration costly cover
(CNS): The Cayman Islands Insurance Association (CIIA) has confirmed that customers in the Cayman Islands can expect their property insurance premiums to go up this year by as much as 30% and that cover will likely be rationed as a result of the decline in the availability of insurance cover. The association issued a warning […]
Insurance sector warns of massive 2023 rate hike
(CNS): Homeowners can expect another significant hike in their bills next year as the local insurance industry is warning that property insurance premiums will increase significantly, with some people seeing hikes of as much as 30%. As inflation bites on grocery and utility bills and interest rates push mortgages to their highest for decades, this […]
Chamber boss claims pension system a success
(CNS): Cayman’s national pension system has faced significant criticism from politicians of all stripes but Chamber of Commerce President Mike Gibbs defended it at the organisation’s Legislative Luncheon last week, despite evidence that, 23 years after the system was introduced, few people are retiring with anything like a viable income from their investment.
