CINICO moves into property insurance: Cayman News Service

[ad_1]

cayman news agency — *^{CYNIC George Town Office}*

(CNS): The Cayman Islands National Insurance Company, a state-owned enterprise, announced in March that it had expanded its product range to Car insurance includedhas now entered the home insurance business. CINICO Parameter insurance For homeowners, it’s available as part of their basic package or as a standalone policy.

In a press release, CINICO explained that in the event of a Category 3 or higher hurricane that passes within a specified distance of the Cayman Islands, its parametric insurance coverage automatically pays a pre-agreed amount to cover incidental expenses without the need to file a claim.

This means that homeowners can typically receive a payment within 14 to 21 days after a storm to help pay for expenses that insurance doesn’t normally cover, such as additional groceries, home security, and cleanup costs, regardless of whether the home was damaged.

This new product and motor insurance from CINICO is the result of CINICO’s wider expansion plans announced in 2022, which are designed to ensure that Cayman Islands homeowners and residents have access to adequate insurance capacity and protection in an increasingly fragile insurance market.

“We are pleased to offer home insurance and include parametric insurance as a standard feature of new policies,” said Michael Gayle, CINICO CEO. “Outside the Cayman Islands, home insurance policyholders have sometimes had to pay an additional fee to obtain parametric insurance. However, this benefit will be included as a standard feature of CINICO home insurance policies in the Cayman Islands for the first time.”

CINICO’s parametric cover is part of its home insurance packages but is also available as a separate standalone policy for homeowners with an existing home insurance policy, which can be used to offset the effect of the policy’s deductible, whether insured with CINICO or not.

Gayle sits on the board of the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), which provides parametric insurance to many Caribbean and Central American governments and will pay out more than $80 million in compensation to countries affected by Hurricane Beryl within 14 days of its passage.

“CINICO is raising the bar in the insurance industry and delivering on our commitment to bring innovation to the insurance sector,” he said. “Providing reliable and timely support to Cayman Islands homeowners, especially in the face of hurricanes, helps achieve this goal. By including parametric insurance coverage as a standard feature, CINICO ensures that homeowners have access to fast, reliable support when they need it most.”

He also noted that CINICO’s foray into homeowners insurance fulfills its mission as a state-owned insurance company, which is to ensure the resilience of the insurance sector.

“Reinsurance restrictions limit the number of policies we can issue during the remainder of the year, especially with what is likely to be an active hurricane season,” Gale explained. “We anticipate the successful addition of our parametric products to the insurance market and anticipate having to seek additional capacity in 2025 to meet demand. Innovation is critical to the resilience of Cayman’s insurance industry and we will continue to look for more ways to improve our products and benefits.”

Premier and Minister of Finance Juliana O’Connor-Connolly, who is responsible for CINICO, welcomed this new development in the Cayman Islands insurance market. “A strong and stable insurance sector is essential to the resilience of our islands,” she said. “Including parametric coverage as a standard feature on new CINICO home insurance policies shows that we are taking an important step forward in ensuring our residents are well protected.”