Conferences, Webinars, and Events
Despite the headwinds facing reinsurers, the good news for the industry is that many of those challenges are offset by a variety of positive factors, according to an A.M. Best analyst. Among the most significant headwinds currently confronting reinsurers is claims uncertainty around COVID-19, secondary perils, and social inflation.
The Alabama Captive Insurance Association held its annual conference this past week at the Grand Hotel Golf Resort & Spa in Point Clear, Alabama. The year's conference included a "Why Alabama" session detailing the benefits of selecting Alabama as a captive insurance domicile.
In addition to the direct impacts of the COVID-19 pandemic on many captive insurance companies and their parents, the disaster also highlighted vulnerabilities. Many organizations are looking to learn from the experience while responses to the pandemic might lead to some permanent changes in the way business is done.
As cyber insurers attempt to keep pace with growing cyber exposures, premiums are increasing and aspects of underwriters' focus are changing. While the number of cyber attacks didn't increase significantly during the COVID-19 pandemic, the success rate of attacks did increase.
The commercial insurance market's responses to the stressors of the COVID-19 pandemic have created opportunities for captive insurance companies to step up and help their parent organizations by filling coverage gaps. Lessons learned from the pandemic are likely to position captives to help address future black swan events.
Social inflation has become a very real concern across a number of liability insurance lines, and it is one that captive insurance companies writing those coverages must be aware of. Experts speaking on a panel at this year's virtual Vermont Captive Insurance Association conference discussed some of the implications of social inflation.
The Captive Insurance Council of the District of Columbia (CIC-DC) has announced the sessions and speakers for its upcoming in-person annual conference that will be held October 18–19, 2021, at the Hyatt House Hotel in Washington, DC. The CIC-DC conference will begin October 18 with a networking reception.