Despite the current economic recession captive insurance professionals from the US converged in Cayman last December with local industry professionals for what has quickly become one of the key industry gatherings of the year – the Cayman Captive Forum. Business Editor, Lindsey Turnbull was in attendance and reports.
Last year’s Cayman Captive Forum has “particular significance given global events”, according to the Cayman Islands government’s Leader of Government Business, Kurt Tibbetts, during his opening address to the conference.
Tibbetts cited an historic US election, increases in fuel prices, the global financial crisis and a world still reeling from the horror of the terrorist attacks in Mumbai. He said, “Never has risk management been so important in today’s economic climate.”
For the CI government’s part, Tibbetts confirmed that it was ensuring that its own risk management policy was in place to ensure Cayman’s financial services industry remained strong and competitive during turbulent times.
The government, he said, stood “shoulder to shoulder” with the private sector, representing the CI captive insurance industry at a number of industry gatherings globally.
Tibbetts said, “Cayman’s public-private sector committees, working groups and task forces help ensure that our legislation and regulatory regime remain current. We will be hosting a follow-up IMF assessment next year, in preparation for which the Insurance Law will be amended to ensure that it clearly responds to the relevant IAIS standards as well as to the marketplace. We have identified, for example, with assistance from the private sector, an opportunity to create a more conducive business environment for the reinsurance sector.”
He also reaffirmed the government’s intentions to ensure that Cayman remains the top choice for financial services such as captive insurance by saying, “Despite the stresses exerted by the state of the global economy, government’s fiscal policy for the coming financial year is designed to keep the Cayman Islands “business-friendly” and economically stable.”
Read more from the Cayman Captive Forum, including an overview of keynote speaker author James Bradley’s presentation, in future editions of The Journal.