The Cayman Islands Monetary Authority (CIMA) published hurricane-season insurance preparedness guidance, urging property owners to confirm they are adequately insured against hurricanes and other extreme weather events. CIMA cited a 2023 study indicating that around 70% of residential and commercial properties are insured, leaving a 30% protection gap. The guidance recommends reviewing property insurance policies with an insurer or broker to confirm which perils are covered as standard versus add-ons, and to understand deductibles, exclusions and any sub-limits. CIMA also advises reassessing sums insured and replacement costs to avoid underinsurance, noting that higher construction costs and property values can reduce the adequacy of existing cover and affect claims outcomes. Property owners are encouraged to use only licensed insurance companies, agents and brokers, which can be checked via CIMA’s website.

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