The International Insurance Industry plays a vital role in the Cayman Islands economy, contributing significantly to employment, government revenues, and the broader financial services sector. As the industry body representing this sector, the Insurance Managers Association of Cayman (IMAC) is pleased to share the findings of an independent Economic Impact Study conducted by FTS, which quantifies the direct and indirect contributions of international insurance and reinsurance sectors to the Cayman Islands.
This comprehensive study highlights the far-reaching benefits of the sector, including its role in job creation, business development, government revenue, and tourism. With a total economic impact of approximately CI$233 million annually, the study reinforces the industry’s position as a key pillar of the Cayman Islands’ financial services sector.
Why IMAC Commissioned This Study
IMAC recognises that the international insurance sector is a key driver of economic activity in Cayman, yet its full contribution is often not widely understood. By commissioning this study, we sought to:
- Provide measurable data on the industry’s impact.
- Showcase the sector’s role in strengthening the Cayman Islands economy.
- Highlight contributions beyond financial figures, including training, scholarships, and community engagement.
- Ensure policymakers, industry stakeholders, and the wider public understand the value of international insurance and reinsurance in Cayman.
Key Findings of the Study
- CI$233 million in total economic impact annually, including direct and indirect contributions.
- Over CI$136 million paid to Cayman-based service providers, including legal, accounting, and compliance services.
- CI$18 million in government fees, supporting national revenue and infrastructure.
- 40,000+ business traveller stayover days generated, creating a strong link between insurance and the tourism sector.
- CI$387,000 in charitable donations made to community initiatives each year.
- 256 direct jobs supported, with nearly 50% held by Caymanians and over 72% held by Caymanians or Permanent Residents.
Our Members’ Contribution
This study would not have been possible without the valuable input from our IMAC members, who provided essential data and insights to ensure a comprehensive and accurate representation of the industry’s contributions. We extend our sincere gratitude to all the companies that participated in the survey and to FTS for their independent and thorough analysis.
Building on Our Success
While this report highlights the strength of the Cayman Islands insurance sector, IMAC remains committed to furthering its growth and success. By continuing to attract high-quality international insurers, support professional development, and foster economic opportunities, we ensure that the industry remains a pillar of Cayman’s financial services sector.
Learn More
Explore the full Economic Impact Study, view the detailed charts and insights, and see how the insurance industry is shaping the future of the Cayman Islands.