The Cayman Islands National Insurance Company (CINICO) has announced that with effect from today, 18 March 2024 it will be offering motor insurance to residents in the Cayman Islands.
A home insurance offering is expected to follow shortly in the second quarter of 2024. New branding and an updated website have also been launched to mark the expanded services offering in addition to existing health policies.
The availability of the new policies is part of the planned expansion of CINICO announced in April 2022 and has involved significant effort to expand the company’s operational set-up. These plans will also see the introduction of new health insurance products later this year.
CINICO CEO Michael Gayle explained, “This is an important step not only for CINICO, but also for the Cayman Islands insurance sector’s long-term sustainability. We are extremely pleased to be able to expand our product offerings to residents in Cayman with the introduction of motor and home insurance.”
Mr. Gayle continued, “Part of our remit as the government-owned insurance company is to help ensure that the insurance sector is resilient, and the Cayman Islands has the insurance capacity available in the future to continue to be able to offer property insurance in particular.”
Mr. Gayle, who is also on the Board of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) noted that, both globally and regionally, insurance providers are struggling to provide home and property insurance due to the risks associated with hurricanes and other natural disasters.
“In some areas of Florida for example, we are seeing homeowners unable to obtain any cover at all,” he explained.
Responsibility for CINICO falls under the Ministry of Finance, which has supported the increased funding CINICO required for the product line expansion.
Premier and Minister for Finance Hon. Juliana O’Connor-Connolly said, “This is a significant moment for CINICO and the insurance sector in general in the Cayman Islands. CINICO’s expansion of services is intended to provide options for residents in Cayman. The main challenge now is that in many instances, cover is not available locally at any price. CINICO’s gradual expansion into the property insurance arena is intended to help fill the existing ‘protection gap’ that seems likely to widen in the future.”
Financial Secretary Kenneth Jefferson said, “The overall objective of expanding CINICO’s product range is not just to offer wider coverage for CINICO customers, but to play a role in raising the bar so all insurance consumers in Cayman will benefit, regardless of which company they are insured with. As a government-owned company, CINICO’s main goal is to facilitate better and affordable insurance coverage for all residents of the Cayman Islands.”
Of the new policies, Mr. Gayle said, “The new products are also, of course, designed to offer customers more choice in the insurance marketplace, with good cover and product innovations in both home and motor policies. Very soon customers can also expect to find benefits that are exclusive to CINICO in our new motor and home policies. When we launch our home policies, customers can expect to see a type of cover never before available in the Cayman Islands adding additional security and peace of mind for homeowners.”
Mr. Gayle also expanded on the desire to improve the insurance sector in general. He said, “Insurance has for many years been a ‘like-for-like’ product, one which is very similar in scope from one provider to the next. By introducing product innovation, CINICO hopes to raise the bar for insurance offerings in Cayman, and we expect that other companies may well follow suit in due course - or introduce innovations of their own.”
The introduction of new products and services necessitated significant investment in CINICO’s operations as well as changes to the government-owned company’s structure and staff complement.
Mr. Gayle explained, “We’ve also invested heavily in new infrastructure and operations, both in terms of people and technology. Offering home and motor cover meant building an entire new department and we’ve recruited the best in the business to do that including some of the most well-known names in the local industry. Our team has over 100 years of combined experience in the local insurance market across all our islands.”
CINICO’s new website and refreshed look is also designed to reflect the company’s important role in the future sustainability of the Cayman Islands.
CINICO General Manager Kahlill Strachan said, “When we began planning the expansion of CINICO we took a long, hard look at who we are and what we are trying to achieve. Our new website and new look bring a refreshed, modern approach that reflects who we are and demonstrates our commitment to keeping Cayman covered with insurance in the future.”
Mr. Strachan continued, “New technology is a big part of our expansion plans and while customers initially can call or email us to secure quotes and buy motor cover, we will shortly be adding fully online quote and purchase functionality to our website. CINICO members will also be able to login to a members’ portal with their own personal profile and manage all their insurance benefits, payments, renewals and claims for health, motor and home.”
Mr. Gayle was keen to point out that at its heart, CINICO is a people-centred business. He said, “New technology will make us better and more efficient, as well as putting our members in control of their insurance more directly and effectively. But we are first and foremost the team of trusted and experienced individuals that our members have relied on to support their insurance needs with our health cover. That focus has not and will not change, people can still call us and visit us directly at our new main office on Elgin Avenue, our Countryside location in Savannah, and our office in Cayman Brac.”
CINICO members and new customers can find out more about the new motor and home insurance policies by visiting www.cinico.ky , calling 345-949-8101 or emailing property@cinico.ky .
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