As a jurisdiction The Bahamas offers unique advantages when it comes to providing a home for small, private captives: a well-regulated insurance sector and a collaborative public-private sector approach, says Tanya McCartney of the Bahamas Financial Services Board.
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.
IFRS 17 is the first international accounting standard for insurers. It represents a huge change for captive insurance companies, which will need to be well prepared to comply with the new rules, says Alex Gedge of Marsh.
Sub-Saharan Africa’s economy has taken a considerable hit from COVID-19 and the resulting global shutdown, underlining the need for businesses in the region to be able to better manage their risk. Cell captives could offer an attractive solution, say Cenfri’s Matthew Dunn and Jeremy Gray, and Ernie van der Vyver of Clyde & Co.
Greg Lang of the Reinsurance and Insurance Network’s third article in a series on the future of work examines the informal economy, where business is neither taxed nor monitored by any form of government.
Many key decision-makers are looking for new ways of using analytics. Sigma’s Michelle Bradley, Enoch Starnes and Al Rhodes discuss how claim lag metrics can be used to determine projected losses.
Executives spend a lot of time worrying about their bank accounts, but the reputational piggy bank is the most important account of all. Captives must think and act strategically in order to ensure they maintain a healthy balance, says Robert Weinhold of the Fallston Group.
China is a land of many very large companies, and few captives. As the benefits of these structures become better understood, in the longer term Hong Kong can emerge as a thriving captives domicile to rival Singapore. First, it must finish fine-tuning its regulatory regime, says Edward Wu from Willis Towers Watson.
Like any other insurance company, a captive needs a strong board to provide the appropriate level of oversight. Scott Bailey of Carr, Riggs and Ingram outlines what boards do, and what characteristics to look for in prospective board members.
Managing the risk associated with AkzoNobel’s sprawling operation requires a significant amount of insurance. To help meet that demand, the company has a long history with captive insurance, as Captive International found out.