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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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COVID-19 Pandemic Forces Cancellation of 2020 Cayman Captive Forum

Red "Canceled" stamp
June 08, 2020

The 2020 Cayman Captive Forum has been canceled due to uncertainty caused by the COVID-19 pandemic.

The forum, which had been scheduled for December 1–3, attracts 1,500 captive owners, directors, officers, reinsurers, ceding insurers, brokers, consultants, and service providers.

A statement from Cayman International Insurance and the Insurance Managers Association of Cayman (IMAC) said, "Due to uncertainties caused by the COVID-19 and the resulting travel restrictions imposed by the Cayman Islands government, personal safety issues, local health regulations, and social distancing, the planning and preparation of the forum have been more difficult than ever. With approximately 85 percent of the attending delegates visiting Cayman from overseas, the conference is dependent on a global environment free from restrictions on travel and social distancing."

In the statement, Colin Robinson, IMAC chair, said, "The Cayman Captive Forum contributes more than $2 million to the local economy each year from flights to hotel reservations, taxi fares to restaurants bookings. While our industry remains as strong as ever as evidenced by Q1 statistics, we unfortunately are unable to hold the conference without a clearer vision of what the world will look like in December for international travel."

The 2021 conference is expected to go on as usual, according to the statement, and IMAC is already in discussions about planning for next year's event.

The Cayman Captive Forum is one of many industry events that have been canceled or rescheduled this year due to the COVID-19 pandemic.

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