(CMR) Cayman Islands National Insurance Company (CINICO) will expand its offerings to include property and casualty insurance starting January 2024.
Financial Secretary Hon. Kenneth Jefferson made the announcement during the sitting of Parliament's Financial Committee on Thursday 14, December.
Jefferson was addressing concerns raised by Member of Parliament Chris Saunders regarding the high rate of insurance the government pays to insure its properties.
When asked how often the Government put to tender the general insurance of its properties in order to secure competitive rates, Jefferson said this was not done for a number of years.
He then revealed that the Government's insurance company CINICO will be undertaking property and casualty insurance. These new offerings will be available to the general public.
“They have done a lot of work; they have hired additional staff to cover that aspect. They have rented additional accommodation, they have secured reinsurance for that venture,” Jefferson stated.
The general insurance for Government assets is expected to cost over $11 million in 2024 and over $13 million in 2025, up from an estimated $8.8 million this year.
Financial Secretary explained that the increase was as a result of additional fixed asset coming unto the government's registry, such as the new mental health facility, and general rate increase in property.
CINICO initially provided health insurance coverage to civil servants (employees and pensioners), seafarers and veterans, and other residents of the Cayman Islands.
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