The Cayman Islands is the second largest Captive Insurance domicile in the world, with Bermuda being the largest. In the Cayman Islands however, insurance is the smallest of the financial industries, as indicated in the Oxford Economics February 2009 report titled Economic Benefits of the Financial Services Industry in the Cayman Islands.
The statistics for Captive Insurance were included with those of the local insurance industry in this study. What is surprising to many people, however, is the size of the Captive Insurance industry in terms of assets and net worth. As of 30 June, 2009, there were 787 Captive Insurance companies registered in the Cayman Islands with total premiums of US$8 billion, net income of US$1.1 billion, net worth of US$9.8 billion and total assets of US$40.2 billion. Captive Insurance is also an industry that has sustained growth year after year. In the 14 year time frame from 1994 to 2008, there was a 115 per cent growth rate in terms of number of Captive Insurance companies registered on the island.
IMAC educational scholarship fund
The profits from the Cayman Captive Forum provide more than just revenue for operating expenses; it also allows IMAC to support the IMAC Educational Scholarship Fund. The fund was formed in 1994 to assist with the post-high school education of young Caymanians. Since the inception of the Fund, it has raised over US$1.25 million, paid out US$656,000 to provide 20 individuals with financing to obtain higher education overseas and has set aside for existing scholarship obligation US$588,000. Information regarding the IMAC Educational Scholarship Fund is available on IMAC’s website in the “Education” section.