The Captive Insurance Companies Association (CICA) today announced the case study topics for its 2022-2023 “Captive Insurance Solutions for Today’s Risk Management Challenge” essay contest. The competition is for college students in insurance and risk management and is sponsored by Hylant Global Captive Solutions (Hylant GCS).
Essay contest winners receive cash prizes and the opportunity to present their winning papers at the 2023 CICA International Conference March 5-7, 2023 at the Westin Mission Hills Golf Resort & Spa, Rancho Mirage, CA. Their essays will also be published by a major captive news publisher.
Student teams will choose one of three case study topics for the competition. The case studies focus on developing strategies to help fictitious organizations in real situations develop captive insurance solutions. Students will demonstrate how to establish a captive for their specific case study, select policy options, determine underwriting, pricing and more.
CICA Chairman Dan Towle said: “Businesses today are facing rising prices and reduced capacity in the commercial insurance market, unprecedented supply chain disruptions procurement and increased liability and reputational risk. These concrete and topical issues have all been incorporated into this year’s case studies. We believe it’s these real-world scenarios and the creative problem-solving needed to develop captive solutions that help students see the opportunities that captive insurance careers offer.”
- PikUp is seeking to form a captive insurance company to manage the risks associated with their operations which involve 4,000 independent contracted drivers using their own vehicles to deliver people, food and groceries, and the associated risks to customers using bicycles and scooters owned by PikUp for transportation. .
- Sammy’s Deli is trying to help its franchisees form a captive insurance company to manage risk and expense to deal with rapidly rising general liability rates, covering losses or impacts from supply chain disruptions. procurement and operational impacts resulting from staffing shortages.
- The American College and University Athletics Association (ACUA), a nonprofit organization regulating the activities of 400,000 student-athletes, is seeking to form a captive insurance company to support risk management related to student-athlete opportunities in get paid for their name, image and likeness.
Case studies were developed by the Hylant GCS team, which will provide the mentors for this year’s competition. Anne Marie Towle, Global Captive Solutions Leader, Hylant GCS, said, “We are delighted to sponsor such an important initiative for the captive industry that closely aligns with Hylant’s values. We are excited to mentor the essay contest finalists and help them understand the creative solutions that captive insurance can provide. »
The CICA Essay Competition invites two-person teams of 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.
Contest details, entry requirements and prize details for the top three essays are available on the CISC website.
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