Insurance entities no longer under strict control of the state, but market remains constrained by political and economic structures

Although the law permits the entry of foreign insurers on a joint venture basis, it is understood that applications are unlikely to be approved at the present time, simply because there is not enough business to sustain more than the existing insurers

The predominant financial interest in the Cuban insurance market is the state, which, due to the country’s communist-inspired constitution, is the ultimate proprietor of all commercial enterprises although in recent years it has entered into some joint ventures with foreign investors. In the insurance sector, the broker Heath Lambert is an example of the latter. The market’s two operational insurers are Esicuba and ESEN, which are both subsidiaries of the holding company, Caudal.