Mr. Michael Gayle, CEO, CINICO

The Cayman Islands National Insurance Company (CINICO) has announced the launch of Motor Parametric Insurance Coverage, available from 1 March 2026. Building on the successful introduction of Cayman’s first-in-market home insurance parametric coverage in August 2024, CINICO is now expanding this innovative approach to motor insurance.

A first in Cayman and the Caribbean region, motorists will receive automatic payouts following Category 3 or higher hurricanes, to cover incidental vehicle expenses without the need to submit a claim.

This innovative coverage highlights CINICO’s commitment to ensuring a resilient industry sector by offering innovative solutions that provide greater flexibility to all Cayman Islands residents.

CINICO’s CEO, Michael Gayle, said, “This new Motor Parametric Insurance coverage is designed to support our members in the immediate aftermath of a hurricane, when everyday expenses can quickly add up. By providing automatic payouts without the need for claims, we are offering practical support at a critical time.”

Mr. Gayle expanded on the role of CINICO as innovators, ensuring the resiliency of the insurance sector in Cayman, “Innovation plays a key role in building a resilient insurance sector. Expanding parametric coverage from home to motor insurance is another example of how CINICO is working to strengthen protection for residents while responding to the unique risks faced in Cayman.

“The success of our home insurance parametric coverage demonstrated the real value of providing fast, reliable financial support following a hurricane. That experience helped shape our approach to expanding parametric coverage to motor insurance, ensuring it meets the practical needs of our members. While this is a first for Cayman, parametric motor coverage remains an emerging concept globally, and we are proud that CINICO is helping to lead that innovation on behalf of our community.”

Motor insurance parametric coverage works on the same principles as CINICO’s existing home insurance parametric coverage. Automatic payouts are triggered when predefined hurricane-related parameters affecting the Cayman Islands are met, giving eligible policyholders help covering immediate, post-storm expenses.

The parameter triggers mirror those used under CINICO’s home insurance parametric coverage. In the event of a Category 3 or higher hurricane passing within a specified distance of the Cayman Islands, eligible policyholders can expect to receive their automatic payment within 14 to 21 days following the passage of the storm.

The motor parametric benefit is designed to help cover incidental costs commonly associated with post-hurricane conditions, such as fuel and other miscellaneous expenses related to the use of a motor vehicle. Payout amounts are fixed based on the type of motor insurance held, with comprehensive policyholders eligible for a payment of CI$200 and third-party liability policyholders eligible for a payment of CI$100.

Motor Parametric Coverage will be included as a standard feature on all new CINICO motor insurance policies initiated on or after 1 March 2026 and all motor renewal policies on or after 1 April 2026.

CINICO members and new customers can find out more about motor insurance and parametric coverage by visiting www.cinico.ky, calling 345-949-8101, or contacting [email protected].

ENDS

ABOUT CINICO:

The Cayman Islands National Insurance Company, also known as CINICO, was founded in 2004. The primary purpose of establishing CINICO was to provide health insurance coverage to all civil servants, pensioners, seafarers, veterans, and their families. CINICO now also provides health insurance to many Statutory Authorities and Government Companies.

In March 2024, CINICO introduced motor insurance, and in August 2024, home insurance cover featuring a first-in-market benefit, Parametric Insurance coverage, that pays out pre-agreed amounts automatically to cover incidental expenses for hurricanes or other defined emergencies. Available to all residents of the Cayman Islands, the expansion of services provides greater choice for Caymanians and residents, as well as helping to build the resiliency of the insurance sector in the future