|[December 11, 2012]
Cayman Insurance Industry Thriving - CIMA
GEORGE TOWN, Grand Cayman --(Business Wire)--
Speaking at the 2012 Insurance Managers Association Cayman (IMAC) http://www.caymancaptive.ky/
annual general meeting, Head of Insurance Supervision at the Cayman
Islands Monetary Authority (CIMA), Gordon Rowell underscored the
reasons why the Cayman Islands' insurance industry has been successful,
why it remains healthy and its outlook for the future.
Mr. Rowell noted that although the global economic recovery was not
making great strides, 2012 or the Cayman insurance industry "has been
the busiest year for new business in recent memory." He provided
statistics that revealed a 57 percent increase in license applications
over the same period in 2011, and illustrated that existing licensees
had grown assets considerably, having surpassed the $88 billion
Mr. Rowell said his forecast for the future of the Cayman insurance
industry is bullish for several reasons, but in no small part because of
excellent personal attention provided by Cayman's service providers and
the regulator; the implementation of the new Cayman Islands Insurance
Law, which is "designed to be responsive and to allow business to
flourish"; and the regulatory framework of the Cayman Islands, which
"addresses entities based on the nature, scale and scope of the risk."
He contrasted this with what is happening in other jurisdictions, where
"over-regulation, or poorly thought-out regulation creates additional
costs and can kill the production efficiencies required to spark the
Mr. Rowell invited those asset managers looking to less conservative
investment strategies with a view to gaining better returns in an
ongoing low interest rate environment, to discuss their plans with the
Cayman Islands Monetary Authority as the regulator was open to these
strategies, as long as proper fail-safes were in place.
At the AGM luncheon, outgoing IMAC Chairman Clayton Price welcomed
Robert Leadbetter, Vice President of USA Risk Group (Cayman) Limited as
the 2013 - 2015 Chairman and Kieran O'Mahony, Deputy Managing Director
Aon Insurance Managers (Cayman) Ltd as Vice Chairman.
The Insurance Managers Association of Cayman (IMAC) is a non-profit
organisation run by the insurance managers of the Cayman Islands. In
operation since 1981, IMAC's aim is to act as both regulatory liaison
with the Cayman Islands Government and to promote the Cayman Islands as
a domicile of choice for captive insurance companies.
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