The Cayman Islands National Insurance Company (CINICO) remained in the black in 2025, posting a surplus of CI$144,000.
The result came despite higher-than-expected medical claims late in the year and continued investment in its expanding property and casualty insurance business.
According to the government-owned insurer’s Annual Report 2025, total income reached $169.9 million against total expenses of $169.8m.
Shareholders’ equity increased to $53.1m from $53m a year earlier, while total assets stood at $71.5m and liabilities at $18.4m.
Insurance revenue generated $166m of total income, alongside $2.2m in administration services only (ASO) fees and $1.7m in investment income.
CINICO also reported that its capital position remained above regulatory requirements.
Available capital totalled $50.5m, representing 260% of the minimum capital requirement and 208% of the prescribed capital requirement, exceeding the company’s internal capital target by $14m.
The Cayman Islands insurer continued to grow its customer base during the year.
Health insurance membership increased to 19,462 as of 31 December 2025 from 18,434 a year earlier, while its property and casualty business, launched in 2024, expanded to 247 home insurance policyholders and 543 motor policyholders.
Although the property and casualty segment recorded an expected loss in its second year of operation, CINICO said it generated just under $2m in gross written premium and remains on track to achieve profitability within its projected timeframe.
Chief executive officer Michael Gayle said four high-cost medical cases with complications late in the year affected what had been expected to be a surplus of more than $1m.
“Even so,” he said, “the result remained within the company’s planned operating range.”
During 2025, CINICO introduced a Safe Driver Programme for young motorists and continued promoting its parametric homeowners’ insurance product.
It also announced plans to launch a low-cost open-market health insurance product aimed at younger workers seeking broader coverage than the Standard Health Insurance Contract offers.
The insurer shortened average health claims processing time from nine days in 2024 to five days in 2025, processing 99% of claims within 15 days compared with 83% the previous year.
Medical case management staff coordinated 3,352 referrals for overseas medical services, a 24% increase from 2024, while home health care expenditure rose 20% to $11.5m, supporting nearly 800 members.
Looking ahead, CINICO said it plans to expand its property portfolio, introduce a parametric component to its motor insurance products, establish a preferred provider network for health services and participate in the government’s planned review of Cayman’s health and property insurance sectors.
