The Cayman Islands Insurance Association (CIIA) is notifying residents of the Cayman Islands that they should anticipate increases in their property insurance premium rates in 2023.

Many local Insurers have now gone through their reinsurance renewal process.  Insurers will need to increase rates to cover the increased cost of reinsurance.  Along with these increases many insurers will effectively be rationing the coverage offered as less insurance capacity is available.  All local insurers will be in the same situation – increased rates and reduced capacity.

For insurance consumers, this means rates increases on all types of insurance along with reduced coverage availability.  To help with personal insurance costs it is recommended to speak with your local representative to discuss increasing deductibles and ensuring you have all discounts you are eligible for.

These increases are likely to be between 15% to 30% dependent on various factors such as type of construction, property protections, property location and elevation.

Should you have any questions please reach out to your local insurance representatives.