CINICO to Expand Health Insurance Coverage, Add Property and Casualty Insurance
Before the end of 2022, the Cayman Islands National Insurance Company (CINICO) will begin an expansion project into new lines of business aimed at providing a greater choice of health insurance coverage to more people.
Deputy Premier and Minister for Finance and Economic Development Hon. Chris Saunders said, “Expanding CINICO’s health coverage to a wider population will help to achieve several objectives of this Government and answer the pleas of uninsured and under-insured Caymanians and residents that have gone un-answered for far too long. In our Strategic Policy Statement (SPS), my PACT colleagues and I addressed the issue of health insurance both broadly and specifically. And now we are turning our ideas into reality.”
The plan is for CINICO to first expand health insurance services to a wider population through developing affordable health insurance plans for younger and healthier residents, followed by a plan for retirees; and offering a health insurance option to Public Servants allowing for a choice of health care providers, which will require the establishment of a local provider network.
Deputy Premier Saunders explained, “At a higher level, CINICO’s expansion will address the commitment made in our Strategic Policy Statement (SPS) of ensuring an equitable, sustainable, and successful healthcare system as well as providing solutions to improve the well-being of our people so they can achieve their full potential. On the ground level, we are delivering on our promise to provide the public with an option that is affordable and includes a mechanism for accommodating coverage of pre-existing conditions for qualifying Caymanian retirees. We are matching our actions directly to our words to better benefit the people of these Islands.”
Other short-term expansion plans include providing Property & Casualty (residential and auto) insurance to Public Sector employees and their families. CINICO is aiming to offer the health insurance coverage to younger and healthier residents by the end of the year, and to retirees thereafter. Property and casualty operations are anticipated to begin in the fourth quarter of 2022 or first quarter 2023.
Deputy Premier Saunders explained that expanding health care coverage and adding the new lines of business would diversify CINICO’s risk profile and by extension the risk to the Government.
Issued: Ministry of Finance & Development (CIG)