The Cayman Islands Monetary Authority has issued a public warning at the start of the 2026 hurricane season urging residents to check that their homes, contents, vehicles and boats are adequately insured against hurricanes and other natural disasters. The message highlights a recent CIMA study showing that about 70% of residential and commercial properties in the Cayman Islands are insured, implying a 30% protection gap. CIMA said that even with a below average hurricane season forecast, a single major storm can still cause severe losses, and it pointed to broader risks from heavy rain, high winds, flooding, earthquakes and tsunamis. It advised policyholders to review whether relevant perils are included in their policies or need to be added, understand deductibles, exclusions and sub-limits, update sums insured to reflect higher construction costs and property values, catalogue contents, and use only licensed insurers, agents and brokers.
Cayman Islands Monetary Authority2026-06-04
Cayman Islands Monetary Authority urges residents to review natural disaster insurance as hurricane season starts and 30% of properties lack cover
The Cayman Islands Monetary Authority has issued a public warning at the start of the 2026 hurricane season urging residents to ensure their homes, contents, vehicles and boats are adequately insured against hurricanes and other natural disasters, noting a 30% protection gap in property insurance. CIMA advised policyholders to confirm coverage of relevant perils, understand deductibles, exclusions and sub-limits, update sums insured for higher construction costs and property values, and use only licensed insurers and intermediaries.