The Captive Insurance Companies Association (CICA) has invited college insurance and risk management students competing in its 2019-2020 Captive Insurance Solutions for Emerging Industries essay contest to choose from three possible topics.
Essays should include strategies to help fictional organisations in the home healthcare, cannabis or craft brewing industries to develop captive solutions to provide financial stability and the needed coverages for current and emerging risks.
They must describe how and why a captive insurance company could be used as a cost-effective means of alternative risk financing for emerging risks and their corresponding loss exposures.
Home healthcare companies require coverage in general/professional liability, workers compensation and automobile (non-owned) liability protection. In the cannabis sector, the captive must provide liability coverage for businesses involved in growing, transporting and selling medical or recreational marijuana. The captive in the craft brewing industry must stabilise and reduce healthcare costs for its employees.
Brady Young, CEO of Strategic Risk Solutions, which is sponsoring the contest, said: “We’re providing real world examples so students can experience being at the forefront of helping businesses in these emerging industries and understand how captives can help manage cost, coverage and risk management issues.”
Dan Towle, president of CICA, added: “To serve our aging population, the home healthcare sector has added 2.8 million jobs in the last 10 years. We’ve also seen an explosion in the craft brewing industry and we now have 33 states and Washington, DC that have legalised marijuana for medical recreational, or both purposes, which has encouraged an influx of business startups.”
Winners of the essay writing contest receive cash prizes, and the opportunity to present their winning papers at the CICA 2020 International Conference in Rancho Mirage, California, in March.
Captive Insurance Companies Association, CICA, Strategic Risk Solutions, Brady Young, Dan Towle