A subsidiary of Bermudian-based Coralisle Group plans to hike premium prices for its most basic health insurance plan in the Cayman Islands by 25 per cent, sparking a review by regulators.

More than 12,000 people are enrolled under CG BritCay's Standard Health Insurance Contract policies, according to Cayman’s Ministry of Health, Environment and Sustainability.

CG Britcay Insurance has stated that the SHIC has been unchanged for 13 years and attributed the proposed increase to claims experience, healthcare cost trends and increased use of advanced medical services, the Ministry said.

The proposed adjustment is scheduled to take effect on July 1.

Katherine Ebanks-Wilks, Minister for Health, Environment and Sustainability, said the Government recognised the concern that the proposed increase has generated among workers, families and employers.

"Government is acutely aware of the cost-of-living pressures facing Caymanian families, workers and businesses,“ Ms Ebanks-Wilks said.

“An increase of this magnitude would have a direct impact on more than 12,000 people who rely on SHIC coverage, and we understand the concern this announcement has generated.

“Affordable healthcare coverage is not a luxury; it is a necessity. At a time when many households are already facing increasing costs, Government cannot simply stand by while a proposal of this scale is considered.

The Ministry and the Department of Health Regulatory Services are actively reviewing the proposed increase.

Insurers are required to provide the Health Insurance Commission with detailed information supporting any proposed increase to SHIC premium rates, including claims history, loss ratios and projection assumptions.

If the Commission determines that a proposed standard premium rate is excessive, inadequate, unfairly discriminatory or unreasonable, it must notify the insurer and, following an inquiry, may order an adjustment to the proposed rate within 15 working days.

Mervyn Conolly, director of the Department of Health Regulatory Services and superintendent of health insurance, said the Commission had “clear authority to intervene” and added: “It is our responsibility to ensure that any proposed increase is evidence-based, justified and consistent with the legislative framework designed to protect policyholders.”

According to an article on the Cayman Reisdent website, last updated in September 2025, “a basic SHIC plan without dental and vision currently costs in the vicinity of CI$167 [$200] per month, per employee (possibly higher for older ages and/or pre-existing conditions), whereas a medical plan with enhanced outpatient benefits typically runs 20 per cent to over 100 per cent higher than SHIC”.