Conferences, Webinars, and Events
The COVID-19 pandemic might have slowed the growth of captive insurance in 2020, but use of existing captives has expanded as owners respond to the pandemic and the hardening commercial insurance market. As insurance buyers face higher premiums and coverage unavailability in the commercial market, they're looking for alternatives.
Captive insurance has evolved over the past 30 years with an expansion of the types of parents forming captives and greater choice of domiciles. Today, captive insurance companies are writing a broad variety of risks in captives as they deal with emerging exposures and a hardening commercial market.
Continuing hardening in the commercial insurance market is creating "chaotic" conditions for some captive insurance companies as they seek reinsurance or fronting insurance, according to some experts. "It's fairly chaotic. It's a very hard market," Michael Woodroffe, president of Kirkway International, said during Business Insurance's 2021 World Captive Forum.
Captive insurance companies' nature as a "reactive" business bodes well for captives' ability to help their parents address current challenges, a panel of experts suggested. The discussion took place during a session titled "Captives: Creating Capacity & Opportunity in a Changing Market" during Business Insurance's 2021 World Captive Forum.
The Captive Insurance Companies Association (CICA) has canceled its 2021 international conference due to the impact of the COVID-19 pandemic and worsening conditions in Arizona. The conference had been scheduled for March 14–16 in Scottsdale, Arizona, but CICA officials determined current conditions made holding the conference neither safe nor feasible.