Copyright caymancompass
The Cayman Islands Monetary Authority published third-quarter 2025 licencing statistics on 21 Oct., revealing steady growth in the jurisdiction’s insurance industry. The authority issued 11 new international insurer licences between July and September 2025. Given that 21 new licences were added in the first two quarters of 2025, following 42 new licences in 2024, the latest data shows that the insurance industry continues to expand at a steady rate of just over 10 new licences per quarter. But the forward-looking information on applications suggests the rate of growth will pick up in the fourth quarter. The authority noted that a further five applications have been approved in principle, while 19 more are under review. If those licences are confirmed before the end of the year, it would mark a significant pick-up. There are now 719 international insurance licences active in Cayman, representing insurance business worth approximately US$50 billion in annual premiums and $173 billion in total asset value. That’s up from 652 licences in 2020. “Cayman’s international insurance industry continues to show remarkable stability and growth,” said Kieran Mehigan, chair of the Insurance Managers Association of Cayman. “The consistent increase in new licencees reflects continued confidence in the jurisdiction’s regulatory framework, service excellence, and the stability that Cayman offers as a leading global insurance domicile. We remain optimistic that this momentum will continue through the remainder of the year.” Benefits to Cayman But this isn’t just good news for the insurance sector. The expansion will also benefit the Cayman Islands. “The growth in licensees is helpful to Cayman from an employment perspective as insurance managers will likely need more local staff,” said association general manager, Kevin Poole. “In addition, the growth helps the local economy as many of the new licensees will hold their board meetings in Cayman and attend the Cayman Captive Forum for additional education and networking opportunities.” Within the overall growth in insurance licences, lies another notable trend – the increase in B(iii) licences. According to CIMA there were 209 B(iii) licences on 30 Sept., up from 153 at the end of 2018. Meanwhile the number of B(i) and B(ii) licences has fallen over the same period. That trend is positive for Cayman as B(iii) licences are more comprehensive and allow international insurers in the jurisdiction to write a larger proportion of third-party business. “B(iii) licensees pay a larger license fee,” said Poole, “and they often pay a larger insurance management and audit fee given the risk-based approach taken by all service providers and CIMA.”
