The Captive Insurance Companies Association (CICA) has revealed the case study topics for its 2020-2021 essay contest.
The contest is titled Using Captive Insurance to Better Manage Risk, Improve Your Bottom Line. Insurance and risk management students at college are invited to submit essays describing how captives could be used in one of three different areas, including: College student housing; classic auto Sales and collision centres; and the State Dental Association.
Two-person teams must outline 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. The winners will receive cash prizes and the opportunity to present their winning papers at the CICA 2021 International Conference in March in Scottsdale, Arizona.
Dan Towle, president of CICA, said: “In today’s hard market, businesses are looking for every advantage, and this year’s case studies reflect some of the creative opportunities to utilise captive insurance to manage risk and improve one’s bottom line.”
The contest is also an opportunity for students to make connections in the captive insurance industry, he added.
The contest is sponsored by Strategic Risk Solutions (SRS). Brady Young, chief executive officer at SRS, said: “Part of engaging with future captive insurance professionals is helping them connect to the ways they can make a difference by helping businesses. Our real-world case studies CICA cover a variety of industries and situations where establishing a captive insurance company can be beneficial.”
Captive Insurance Companies Association, CICA, Dan Towle, Strategic Risk Solutions, SRS, Brady Young