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27 March 2017 | St Peter Port
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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.



Guernsey must pay attention to UK’s ILS push, says McLaughlin
Guernsey should take the UK ‘seriously’ as it sets up an insurance-linked securities (ILS) regim Read more

Grant Thornton Cayman founding partner retires
Grant Thornton’s Terry Carson has retired, stepping down from his role as founding partner Read more

Drinker Biddle hires insurance pro in California
Dan Brown is based in the firm’s San Francisco office. He was previously a partner at Dentons wher Read more

Christina Kindstedt joins Advantage Insurance
Advantage Insurance has appointed Christina Kindstedt as senior vice president Read more

Delaware to allow captives to go dormant
Arkansas and Montana introduced legislation proposing a dormant status for captives last month Read more

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