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Disruptive technology driving captive growth
15 March 2017 | San Diego | Reporter: Becky Butcher
The rise of technology is driving captive growth, as trickier coverages are required to cover new risks, according to speakers at the Captive Insurance Companies Association (CICA) International Conference.

Michael Serricchio, senior vice president in the captive advisory group at Marsh, noted that non-traditional coverages, such as employee benefits, supply chain, cyber, political risk and medical stop-loss, have increasingly been put into captives over the last few years due to advances in technology.

Technology-reliant industries, such as financial services and media, are also among the biggest users of captives, with the former writing up to $19 billion in premiums and the latter $4.9 billion.

Another panellist, Karl Pedersen, senior advisory specialist at Marsh, pointed to cyber as the most inevitable risk to arise from technology advances, with hacks becoming more of a question of when than if.

Many types of assets exist within organisations, including intellectual property and data, that are vulnerable to cyber attacks, according to Pedersen. Breaches should be dealt with in three assessment phases, covering risk/loss, damages and coverages.

The panel noted that coverage of cyber policies has started to broaden, with lines including terrorism and first-party property damage.

When asked if commercial insurance or captive insurance was better for cyber coverage, Pedersen said that it depends on the needs of the business, but captives might be able to do what commercial insurers cannot.



Texas captive bill ready to be signed into law
The Texas legislature has passed the state's new captive bill to allow for non-affiliated reinsuranc Read more

KBRA hires Carol Pierce for director of insurance role
Kroll Bond Rating Agency (KBRA) has named Carol Pierce as the new director of the agency’s insuran Read more

Insurance and reinsurance need to adapt to thrive
Insurance and reinsurance need to learn to adapt to the challenges it is facing, Denis Kessler, chai Read more

Eddy Van Cutsem to depart Insurance Ireland
Eddy Van Cutsem is set to leave Insurance Ireland at the end of June, after taking on the role of in Read more

BEPS still causing issues for insurers
The OECD's crackdown on base erosion and profit shifting is still causing a number of issues at capt Read more

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