As of last week Thursday, 9 July 2020, Approved Health Insurers received a list of candidates approved by the Ministry of Health for participation in the Premium Payment Assistance Program for the months of April 2020 and May 2020. On the same day, all Approved Health Insurers were given instructions on where to submit our invoices. As of Tuesday, 14 July 2020, all Approved Health Insurers have submitted our invoices to the Ministry of Health.
We remain committed to working with the Ministry of Health to support our clients through this difficult time. Upon receiving notice of the approved candidates for participation in Premium Payment Assistance Program for the month of June 2020, the Approved Health Insurers will issue the invoices.
In support of the “STAY HOME CAYMAN” directive, the Approved Health Insurers are working with your qualified health professionals to facilitate Telemedicine consultations where necessary. Telemedicine consultations are subject to the Standard Health Insurance Fee (SHIF) reimbursement, based on the duration of the calls.
Please check with your individual health insurer for clarification if needed.
The Health Insurance Standing Committee of the Cayman Islands Insurance Associations assures the people of the Cayman Islands that we are working tirelessly to make sure that our clients continue to be covered during this COVID-19 Pandemic.
have a confirmed diagnosis of COVID-19, your health insurer will cover your
care in accordance with the terms and conditions of your policy. Every
Approved Health Insurer has chosen to waive exclusions in your policies that
would have prevented us from covering care required due to a pandemic.
Testing for COVID-19 is being provided free by the Government Public Health
While our offices are closed, we are still open for business and serving clients remotely. Click here for instructions on how to contact your insurer or broker if you have any questions or concerns during this time.
The outbreak of COVID-19 acute respiratory disease may cause a
significant economic impact for businesses and individuals. Business closures,
lost sales and cancelled or lost rentals will naturally give rise to questions
as respects business interruption and loss of rent coverage under property
Business Interruption Insurance
Most standard Business Interruption and Loss of Rent policies provide cover if your property has suffered a loss by an insured peril. Therefore, it is intended to respond if the building or property that you use/occupy/rent is damaged, destroyed or suffers a material damage loss that is covered by your property insurance. Below are a list of the standard insured perils.
- Earthquake and/or volcanic eruption,
- Hurricane, cyclone, tornado or windstorm,
- Aircraft and other aerial devices,
- Escape of water from any tank apparatus or pipe,
- Impact by road vehicle or animal,
- Riot, Civil commotion, strikers
Subject to each insurers policy wording.
The trigger for any
property insurance policy and resulting Business Interruption / Loss of Rent coverage
is physical damage to insured property by an insured peril. Therefore, any
business interruption loss resulting from infectious disease is not intended to
be covered and is specifically excluded under most policies.
For More Information
It is critical to
review each policy of insurance in its entirety to determine the extent, if
any, of coverage available for the effects of the coronavirus. If you have
specific coverage questions, please contact your policy representative.
The Cayman Islands Insurance
Association (CIIA) would like to notify residents of the Cayman Islands that
they should anticipate increases in their property insurance premium rates in
Atlantic region has been affected by high hurricane activity in recent years.
In 2017 there were 17 storms, the major ones being hurricanes Harvey, Irma and
Maria with insured losses of over US$90 billion. Then 2019 saw the fourth-most
active hurricane season on record with hurricane Dorian alone generating insured
losses in excess of US$8billion across all territories affected by the storm.
As a result of this, international reinsurers have increased their coverage
costs for the region.
The basic principle of insurance and reinsurance is the pooling of all premiums received to pay for the claims of those that have suffered losses. Although we in the Cayman Islands have been fortunate to avoid any major hurricane losses since Hurricane Ivan in 2004, we fall into the same reinsurance pool bracket in the Caribbean and face similar risks and consequently, it is necessary to increase premium rates this year. These increases are likely to be between 10% to 30% dependent on various factors such as type of construction, protections, property location and elevation.
The CIIA appreciates your understanding and if you have any questions please reach out to your local insurance representatives.
Source: Business Insurance
November 05, 2019 Pirates have kidnapped 13 crewmembers on two European-flagged ships in the Gulf of Guinea, Euronews reported. Four crew members on a Greek oil tanker were kidnapped on Oct. 4 after pirates boarded the boat off the coast of Togo, while eight people were kidnapped from a Norwegian cargo boat on Nov. 2 during a similar incident off the coast of Benin.
November 05, 2019 The Bahamas Insurance Association said that the country’s primary insurers could pay out $1.5 billion for claims related to hurricane Dorian, Artemis reports citing The Tribune. As a result of these high levels of claim payouts, reinsurance rates are expected to rise during renewal of coverage.
Source: Business Insurance
November 05, 2019 More complex technology has improved safety across the aviation industry but is driving higher values and cost of repairs and increasing concerns about pilots’ overreliance on aircraft automation systems, according to a report from Allianz Global Corporate & Specialty SE and Embry-Riddle Aeronautical University on Tuesday. The crash of two Boeing 737 Max 8 jets within five months in 2018 and 2019 and other high-profile incidents highlight the challenges of interaction between pilots and technologically advanced systems, the report said. “Overall, pilot training standards have changed and improved over recent decades, but systems can still fail or be incorrectly operated, albeit rarely, and there needs to be a continued focus on pilots flying with and without automation in training,” the report said. Pilots need to be better prepared to be able to take corrective actions in the event of a technical malfunction or adverse circumstance, the report said.
Source: Business Insurance
November 05, 2019 The insurance and allied industries, including the actuarial sector, have been encouraged by progress in the quest for an extension of the federal terrorism insurance backstop program, observers say. They applaud both the U.S. House of Representatives’ early action on the bill, over a year in advance of the current extension’s expiration at the end of next year, as well as the addition of a provision for a study on cyber exposures. The amended bill differed from the original introduced in House to extend the federal terrorism insurance backstop by requiring a report from the U.S. Government Accountability Office “on cyber terrorism risks, and require biennial Treasury reporting that includes disaggregated data on places of worship.” The amended bill also shortens the extension to seven years from the original bill’s 10 years.
Source: Business Insurance
November 06, 2019 The European Organisation for the Safety of Air Navigation (Eurocontrol) said that the grounding of U.S.-based aerospace firm The Boeing Co.’s 737 MAX has impeded air traffic growth in Europe, Air Transport World reported. Eurocontrol expects air traffic growth to come down by 0.3-0.4 percentage points by the end of the year if the aircraft does not return to service by then, and 0.6-0.9 percentage points by Easter.