Captives are often focused on managing their fixed costs, but losses often constitute an even greater proportion of their expenses, according to Eric Lark, partner at Kerr Russell, the Detroit-based law firm.
Artificial intelligence can save lives in hospitals by helping doctors make better diagnoses, according to Harry Hoar, a doctor at Baystate Health.
Companies are engaged in a war for talent that will only get increasingly fierce in coming years, according to Carla Harris, senior advisor at Morgan Stanley, as competitors fight to attract and retain the best young employees.
Investors are “pausing for thought” after two difficult years in the ILS market have taught them they can sustain large losses in this market, according to Peter Mullen, CEO at Artex, speaking at the Cayman Captive Forum.
The Cayman Islands captive community is “incredibly vibrant” and “the envy of the world,” according to Tara Rivers, minister of financial services and home affairs in the Cayman Islands government.
By eliminating the most mundane tasks, insurtech is making jobs more rewarding and autonomous, making it easier to attract a new generation of talent to the sector, according to Rocco Mancini, captive advisor at Marsh.
Captives could cease to exist within 30 years – or could become more widespread, with increasingly detailed and personalised data leading to everyone effectively becoming their own captive, according to Aidan Kelly, associate director at Aon.
“Captives do not need to panic,” about the implementation of the Cayman Islands Monetary Authority's (CIMA) new fines and penalties regime, according to Ruwan Jayasekera, head of insurance at CIMA.
Captive insurers will fall within the scope of economic substance, but will see a relatively modest impact on their day-to-day business compared with some other sectors in Cayman, according to panellists at the Cayman Captive Forum.
The increasing frequency of “mega” batch claims is contributing to increasing verdict severity and represents a potentially even greater threat to medical professional liability business profitability, according to Richard Henderson, senior vice president of Trans Re.