Letter to the Editor

Time for insurance companies to be able to compete fairly

Wednesday, August 11, 2004

Dear Sir,

I read with interest your articles with reference to the “Cayman Islands in the Foreign Press.”

Insurance Companies of the US are able to set up business here in order to take advantage of reduced costs. With hundreds of companies doing this, why is it that we, meaning residents here on these islands, are not able to use these companies for our own insurance needs?

Today with the cost to insure one’s health, life, home, cars, boats, and any other personal items, the costs are quite expensive.

I know many that are not insured because of this expense. What a relief it would be to have access to all the insurance companies.

Why are we limited to just Cayman Island Insurance companies and not the others? Are they not allowed to do business with locals?

And what would the reasoning be for that? If we were all able to tap into the resources afforded us by the outstanding number of insurance companies setting up business here, then the people of these islands would possibly benefit .

As a matter of fact, any company that seeks out the Cayman Island to benefit themselves, should also benefit the people of the islands.

Can you tell me why this is not happening?

Catherine Chesnard,
Cayman Brac

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