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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. 3 December 2019
article
The Insurance Managers Association of Cayman (IMAC) has floated the idea of expanding its Cayman Captive Forum in coming years for an additional day to include presentations covering ILS and reinsurance, acknowledging the significant growth of these industries in Cayman in recent years. 3 December 2019
article
Large healthcare systems and practices are set to take on more of their own liability risk in coming years and will buy less commercial medical malpractice insurance than they have in the past. 3 December 2019
article
The 2002 Terrorism Risk Insurance Act created a federal backstop for insurance claims related to acts of terrorism and a system of shared public and private compensation for insured losses resulting from acts of terrorism. Its possible expiry now threatens the availability of terrorism coverage, says John Talley of the Missouri Department of Insurance. 3 December 2019
article
While the rise in verdict severity, and the knock-on effect that has on all settlements, represents a threat to MPL profitability on a per-claim basis, the rising frequency of “mega” batch claims is potentially even more devastating, as Richard Henderson of Trans Re explains. 3 December 2019
Analysis
Significant obstacles are blocking insurers from engaging with the cannabis sector. A new generation of cannabis companies engaged in this business in Canada and other markets where it has been legalised should consider launching captives to manage their risk, according to Mark Allitt, managing director at KPMG in Bermuda. 2 December 2019
Accounting & tax analysis
Cayman’s captive insurance and reinsurance markets are seeing exciting new trends, with new business lines creating value for existing and future stakeholders, say Aon’s Howard Byrne and Ghislain Ghyoot, and PwC’s Ricardo Agrella. 2 December 2019
Analysis
Insureds should brace themselves for a double whammy of rising prices and declining availability of coverage in the traditional insurance markets, according to Vittorio Pozzo, captive advisor for Western Europe and Great Britain at Willis Towers Watson. 29 November 2019
Accounting & tax analysis
The Internal Revenue Service (IRS) has confirmed that the Connecticut Foundation Solutions Indemnity Company (CFSIC) is not required to issue federal tax form 1099s, used to declare miscellaneous income, to homeowners it has assisted in repairing their crumbling foundations. 28 November 2019
article
Much has been written about the growing regulatory overreach of state regulators and tax authorities with regard to their treatment of captive insurance companies over the past couple of years. But tax avoidance and mitigation strategies pale in importance to the many other benefits provided by captive insurers, says the Vermont Captive Insurance Association’s Richard Smith. 28 November 2019
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