We encourage Cayman Islands residents to consider COVID-19 Vaccination.

The world is presently facing a global health crisis brought on by COVID-19. To date, collective measures have kept the number of cases of COVID-19 in the Cayman Islands to around 700 persons, while there have been over 218 million worldwide cases confirmed. Our economy has been negatively impacted and hundreds of persons remain unemployed. While we remain effectively closed to tourism, this situation is unlikely to improve and we will remain far from the strong growth experienced two years ago.

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 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 policies.

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.

• Fire,
• Lightning,
• Explosion,
• Earthquake and/or volcanic eruption,
• Hurricane, cyclone, tornado or windstorm,
• Flood,
• 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.

Physical Damage

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 2020.

The 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.