The Captive Insurance Companies Association (CICA) has announced the case study topics for its fifth “Captive Insurance Solutions for Today’s Risk Management Challenges” essay contest for college insurance and risk management students.
The 2022-2023 contest case studies were developed by the contest’s new sponsors, Hylant Global Captive Solutions (Hylant GCS).
The CICA Essay Contest invites two-person teams of college risk management and insurance students to describe 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.
Essay contest winners will receive cash prizes and the opportunity to present their winning papers at the CICA 2023 International Conference, which will be held 5-7 March 2023 at the Westin Mission Hills Golf Resort & Spa, Rancho Mirage, California.
A publication of their essays will also be included in Captive Insurance Times.
Case studies focus on developing strategies to help fictional organisations in real-world situations develop captive insurance solutions.
Students will demonstrate how to establish a captive for their specific case study, select policy options, and determine underwriting, pricing, and more.
The first case study for 2022 is centred around forming a captive insurance company to manage the risks associated with PikUp’s operations, which involves 4000 contracted independent drivers using their own vehicles to deliver people, food, and groceries, as well as risks associated with customers using PikUp-owned bicycles and scooters for transportation.
The second case study concerns Sammy's Deli — a deli trying to help its franchises form a captive insurance company to manage risks and expenses to address the rapidly increasing general liability rates. It is also looking to cover the impacts of supply chain disruptions and staffing shortages.
The third case study analyses the American College and University Athletics Association — a non-profit organisation regulating activities for 400,000 student athletes, which is looking to form a captive insurance company to support risk management related to student athletes’ opportunities.
Student teams will select one of three case study topics for the competition.
Dan Towle, president of CICA, says: “Today’s businesses are dealing with increased pricing and less capacity in the commercial insurance market, unprecedented supply chain disruptions, and increasing liabilities and reputational risks.
“These timely, real-world issues have all been brought into this year’s case studies. We find it is these real-world scenarios and the creative problem-solving required in developing captive solutions that help students see the opportunities captive insurance careers provide.”
Last year’s winners, Matia Daskalos and Vincent Palmieri from Temple University, were awarded first place honours in the CICA College Student Essay Contest.
Daskalos and Palmieri proposed a captive solution for the case study of the American Cannabis Association seeking to form a captive to provide liability coverage for general, product, and automobile liability insurance, as well as cyber risk.
