The Cayman Islands Monetary Authority issued 40 new international insurance licences in 2023.

Kieran Mehigan, the chairman of the Insurance Managers Association of Cayman, said: “Despite a very competitive international market, the Cayman Islands is increasingly the jurisdiction of choice for insurance companies, thanks to our highly developed captive industry, transparency, integrity, professional yet flexible risk-based regulation and accessible business-focused regulators.”

The association said an additional 12 licence applications remain under review.

The Bermuda Monetary Authority issued 62 insurance licences last year, as well as five licences for intermediaries.

The number fell from a decade-long high of 80 insurers in 2022, in addition to four intermediaries.

That total of 84 was well above the 2021 total of 65.