Prymus Insurance has developed a liability insurance product specifically for police officers that, it claims, can raise policing standards by rewarding good behaviour with lower premiums, while pricing out those who are repeatedly fined for poor behaviour. Captive International reports.
Google parent Alphabet’s recent power outage is a perfect example of how parametric insurance products could help companies insure risks related to their intangible assets, says Marcus Schmalbach of Ryskex.
Captive insurance companies have long provided their parents with a means to effectively underwrite a host of property and casualty risks, and have demonstrated their value in protecting financial and human capital during times of uncertainty, says Lorraine Stack of Marsh Captive Solutions.
Businesses are seeing costs escalate, not least in the form of rising medical costs. Using a captive as a centralised risk management tool for employee benefits can help reduce these costs by enabling a comprehensive approach to global risk financing, say Aon’s Aidan Kelly and Vaibhavi Patel.
The COVID-19 pandemic has taken a heavy toll on Compass Group, the contract catering business. When the virus struck the company was in the process of overhauling its insurance and risk management strategy, and now an enhanced role for its captives may position it well for future challenges. Captive International spoke to Compass Group's Scott Feltham.
Parametric insurance is generating a lot of attention as a flexible and cost-effective alternative to traditional forms of insurance. Captives offer a good way for companies to access this type of insurance, says Sigma’s Lori Ussery.
COVID-19 has destabilised the global economy and increased risk across all types of business. Run-off solutions can help captives better manage these risks, say Steve McElhiney of Artex and Carolyn Fahey of AIRROC.
The consensus of the insurance industry is that pandemic risks are uninsurable. This is probably correct, at least where the business interruption exposure is concerned, but not for the reasons that are commonly cited, says Greg Lang of the Reinsurance and Insurance Network.
The real estate industry faces a number of significant headwinds. An increasing number of property managers are looking at tenant liability captive insurance programmes to help them navigate these turbulent times, says Bradley’s Davis Smith.
Captives can be used creatively to reduce the impacts of a hard market. Oliver Schofield and Damian McNamara of RISCS discuss how, and consider how captive use will expand in Asia in 2021 and beyond.