Types of Coverages

Based on its latest global employee benefit research findings on medical trends around the world, Mercer Marsh Benefits advises that adopting integrated health and well-being strategies underpinned by stronger digital and data capabilities will be critical in managing the rising costs of employee health benefit programs.

The insurance market for the legal cannabis industry is still quite fluid, with changes happening every day. Cannabis businesses are currently unable to obtain adequate and affordable insurance protection in the market, and captive insurance may be able to provide the solution.

According to Rob Walling, principal and consulting actuary with Pinnacle Actuarial Resources, Inc., technology is playing an exciting role in captive innovation and formation. Captive formation is stemming from insurtech activity, such as on-demand insurance running through smart phone technology as well as from a variety of disruptive technologies.

A captive insurer should have business interruption coverage, as should its members. Editor John Foehl reviews basic questions for consideration when buying or providing coverage for business interruption insurance in this basic primer for captive insurers.

Two new Captive Thought Leader Videos featuring Michael Maglaras, principal, Michael Maglaras & Company, titled "Part I: Medical Professional Liability in Captives and Physician Migration" and "Part II: Medical Professional Liability in Captives and Population Management" have recently been added to the Captive.com video library.

The first group rental captive insurer designed exclusively for the towing and recovery industry, TowCap Premier, has been launched by National Interstate Insurance Company, a leading specialty property and casualty transportation insurer.

Hyatt Hotels Corp. is the latest employer to win federal regulatory approval to fund employee benefits through its captive insurance company. Hyatt joins roughly three dozen employers that have received US Department of Labor approval in recent years to fund employee benefit risks through their captive insurance companies.

The 2017 Bermuda Captive Conference panel titled "Impact of Cyber and Emerging Technology Risks for Captive Insurers, Insurance Solutions and Latest Risk Developments" focused on various facets of the global cyber liability insurance market and how captives are being used to insure this emerging risk.

A recent Strategic Risk Solutions webinar explored the topic of alternative risk transfer and captives in the construction industry and examined construction industry trends and competitive landscape and insurance market challenges and solutions for insuring construction risk.

The 2017–2018 report from Aon and ASHRM (American Society for Healthcare Risk Management) titled "Aon/ASHRM Hospital and Physician Professional Liability Benchmark Analysis" reveals that healthcare systems can expect stable claims frequency for typical professional liability claims but warns of increased claims frequency for extremely large claims. The report also finds that batch claims are on the rise in nearly every state.

Eversheds Sutherland explains the National Association of Insurance Commissioners (NAIC) proposed Insurance Data Security Model Law that tracks language from New York's regulation. In lieu of the New York regulation's specific and nuanced requirements, the proposed model law requires licensees to determine which controls listed in the law are appropriate for them.

According to a Bermuda Captive Conference panel, financing global employee benefits in captives does not present the same bureaucracy and expense as it does in the United States. The industry can expect to see up to 200 companies with global employee benefits risk in their captives within the next few years.

A Fitch report finds that cyber-insurance has been a profitable business line for early entrants and is a rapid growth segment, with global premium volume set to increase six- to eightfold within a decade. The report reveals challenges faced by insurers and policyholders and identifies key risks and opportunities.

Recent years have been difficult for the commercial automobile insurance industry. Both frequency and severity have been escalating, while rate increases have not been sufficient to offset the climbing loss costs. Captive insurance and the alternative market can provide a flexible option for companies and groups as they respond to the industry's increasing market volatility.

What are the key takeaways for captive insurers from the recent National Association of Insurance Commissioners (NAIC) Summer 2017 National Meeting? Model laws for cyber security, corporate governance, financial stability, risk assessment, and triple X captives were all under discussion.

The Federal Insurance Office (FIO) report on the Terrorism Risk Insurance Program (TRIP) and small insurers contains several key conclusions that warrant discussion and analysis by all captives that provide some kind of terrorism cover.

Medical stop-loss captives work well in any environment but are especially timely in today's uncertain health insurance environment. Anne Marie Towle of JLT Insurance Management examines ways both large and smaller employers can take advantage of this risk transfer solution.

Captive insureds and insurers looking to understand the evolving cyber threat landscape and its full costs will find insights from a recent Lloyd's report. The research looks at the nature of cyber threats currently faced by companies and examines the top threats faced by industry sector.

Medication-related errors are common, can cause high-severity injuries, and may be costly. A new report issued by CRICO Strategies, "Medication-Related Malpractice Risks," examines the impact—financial and human—and root causes of medication-related errors.

Organizations now believe that their cyber-assets are more valuable than plant, property, and equipment assets, even though they are spending four times more budget on insurance protecting the latter risks, according to the "2017 Cyber Risk Transfer Comparison Global Report" from Ponemon Institute.