The Cayman Islands Monetary Authority announced an 8% rise in the number of captive insurance companies registered in the Cayman Islands as at December 1998. Fifty-two new licences were issued in the year with only sixteen cancelled, compared to nineteen cancelled in 1997. The 485 Cayman insurance companies have total assets of $11 billion, with premiums written of $2.3 billion. Risk located in North America accounted for 82% of the business, with Caribbean and Latin American companies representing 10% and Europe, 6%. Healthcare represents 34% of the business activity and remains the largest single business class for companies. Workers' compensation follows at 20% with property insurance at 14%. The Cayman Islands is the world's second largest offshore centre for captive insurance business. The recent annual growth rate for new captives places Cayman ahead of any other jurisdiction and the future looks positive for further development.
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