Fast Market Research recommends "The Insurance Industry in the Cayman Islands, Key Trends and Opportunities to 2017" from Timetric, now available

Boston, MA -- (SBWire) -- 07/03/2013 --The Cayman Islands are one of the most renowned offshore financial centers in the world. The islands' favorable conditions and transparent regulations work with excellent infrastructural facilities to attract insurance companies from around the world. The insurance industry is an integral part of the Cayman Islands' financial sector, which accounted for 30% of GDP in 2011. The island has emerged as a hub for captive insurance and offshore health insurance business. Despite global market conditions, the low interest rate environment and growing competition, the insurance industry's gross written premium expanded at a CAGR of 5.1% during the review period (2008-2012).

Key Highlights

- The insurance industry is well diversified with 768 insurance companies operating at the end of 2012
- Over the forecast period (2012-2017), the recovery in the economy, the evolving regulatory environment, the availability of an experienced workforce combined with the low-cost advantage for running a business will drive the growth of the insurance industry
- The Cayman Islands Monetary Authority (CIMA), the regulator of the insurance industry, revised the insurance law in 2010
- CIMA introduced a new regulation by amending the insurance law in 2013 to permit segregated portfolio insurers (SPC) to form one or more cell companies called portfolio insurance companies (PIC). This is expected to attract further investment in the insurance industry

View Full Report Details and Table of Contents

Scope

This report provides a comprehensive analysis of the insurance industry in the Cayman Islands:

- It provides historical values for the Cayman Islands insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Cayman Islands insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in the Cayman Islands and outlines the key regulations affecting them

Reasons to Get This Report

- Make strategic business decisions using in depth historic and forecast industry data related to the Cayman Islands insurance industry and each segment within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Cayman Islands insurance industry
- Assess the competitive dynamics in the Cayman Islands insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Cayman Islands insurance industry and its impact on companies and the industry's future

Companies Mentioned in this Report: Colina Insurance Ltd, BF&M General Insurance Company Ltd, Cayman Islands National Insurance Company Ltd, BAF Insurance Company (Cayman) Ltd, Sagicor Life of the Cayman Islands Ltd

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