The coronavirus represents a potentially historic challenge for the world’s economy, and captive insurance companies are by no means immune from its potential impacts. In fact, unless risks are properly managed, captive insurance companies are potentially doubly exposed to coronavirus related losses. We explain why below, and we also note some steps that you might take now to mitigate much of the potential risk.
Commercial insurance markets are hardening and rates are going up, putting pressure on businesses and risk management decision makers. Nate Reznicek, ACI, Director Of Operations at CIC Services has recently published a thorough article in CAPTVE INTERNATIONAL that addresses the causes of the current hard market and steps that business owners, CFOs and Risk Managers in middle-market companies can explore to reduce the impact they feel.
Question: How is insurance like a parachute?
Answer: If it’s not there when you need it, you probably won’t ever need it again.
This was the opening slide for the “Small Captive Claims Management” educational session at the 2017 Captive Insurance Companies Association (CICA) Conference on March 12-14 in San Diego, California. CIC Services regularly attends CICA to Continue Reading
Over the last two weeks, we have put forward the thesis that most small and mid-size businesses are underinsured and that for many, the best remedy is to own their own captive insurance company. Owning a captive insurance company enables small and mid-size business owners to blend third party commercial coverage with coverage by their captive. This blended approach results in far more Continue Reading