National health insurance company to be set up in the Cayman Islands

Sunday, January 25, 2004

GEORGE TOWN, Cayman Islands: Minister for Health Services, Mr Gilbert McLean has announced that the Cayman Islands government is to form the Cayman Islands National Insurance Company (CINICO) to provide and manage health care for some 10,000 residents who are already covered by the government, as well as those who cannot afford insurance or are excluded by insurance companies

CINICO will effectively take over the government's health care budget of some US$35 million annually with a mandate to reduce costs and streamline the provision of health care to those persons covered by the scheme.

Mr McLean said, "additional costs to the people of Cayman will be negligible, as the government is already financing healthcare claims for a quarter of the population."

The Minister also stressed: "CINICO is not competing with the private sector, instead it is going to manage resources in a more cost effective manner and provide relevant information to the country on the government's expenditure and provision of healthcare."

Although CINICO is not a profit-making body, it has been licensed by the Cayman Islands Monetary Authority and has met all the corporate requirements for insurance companies in the Cayman Islands. 

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