The Missouri captive insurance industry witnessed a “surge” in its gross written premium, increasing 142 per cent year-on-year (YoY) in 2023 to US$8,600,492,937.
According to the Missouri Department of Insurance, the growth was a result of the “robust quality and resilience of Missouri-based companies” and was bolstered further by the support provided by the Missouri Department of Commerce and Insurance’s captive insurance programme.
The Department names the surge in growth within a 12-month period as “an unequivocal testament to our unwavering dedication towards fostering captive growth”.
Commenting on the news, Sam Komo, Missouri captive programme manager, says: “The Missouri captive programme continues to be propelled by the triumphs of our captives, not by the sheer count within our portfolio.
"This ethos is palpable annually, as our community consistently outperforms industry benchmarks. Even amidst intricate challenges, we address them head-on through collaborative efforts with our partners. Our focus remains on fortifying captives' resilience and triumph.”
