Less than 10% have captives in the EU that directly write UK risk: CICA

Only 5 percent of captive industry professionals who listened to the Captive Insurance Companies Association (CICA) webinar about the impact of BREXIT on the captive insurance market have captives in the European Union (EU) that directly write UK risk.

CICA president Dennis Harwick hosted the webinar, titled “Brexit and the impact on the captive industry”, outlining the challenges captive insurers may face once the UK officially leaves the EU.

Key industry speakers include Peter Mullen, CEO of captive and insurance management at Aon Global Risk Consulting, and Derren Vincent, the managing director of Willis Towers Watson Gibraltar.

During the meeting, CICA held two live polls, with the first asking: “Do you have a captive in the European Union directly writing UK risk?”

The results showed only 5 percent answered ‘yes’ and 95 percent answered ‘no’, despite the room being filled with many European captive insurers.

The second poll asked: “Do you have a captive in the UK or Gibraltar writing European risk?” 19 percent answered ‘yes’ while 81 percent did not.