Synopsis
- The report provides industry and geographic analysis, information and insights into the utilization of captive insurance. It also provides an in-depth analysis of the recent trends and developments in the field of captive insurance
- Intensive analysis of the dynamics of the main industries (financial services, healthcare, retail and consumer products, and infrastructure companies) employing captive insurance and the recent trends and drivers in these industries that have been propelling the related companies to set up captive insurance companies
- Detailed analysis of the major captive hubs of Bermuda, the Cayman Islands, Vermont (US), Guernsey and Luxembourg in terms of classes of business being insured, the key geographies that have been contributing to the setting up of captives in these destinations and the important drivers contributing to the popularity of these destinations as captive hubs
- Detailed overview of steps required to be taken to set up captive insurance entities in the above mentioned captive destinations, the respective captive insurance related regulations in these destinations and the applicable fees and taxes
- Provides a snapshot of the concept of captive insurance, the advantages that this insurance arrangement provides, the types of captive insurance entities that there are and the challenges that the captive insurance arrangement generates
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Executive summary
Growing uncertainties in the global
economy and frequent rises in premiums in the commercial insurance industry
have encouraged companies from diverse industries to set up their own captive
insurance businesses. Companies across a diverse range of industries are
increasingly employing captive insurance as part of their risk management
strategies.
These companies are exposed to
various risks and unforeseen circumstances, and it is often not feasible for
them to obtain insurance cover for these risks due to high premiums in the
commercial market and the non-availability of insurance cover for some
industry-specific risks. The four-leading industries in the world, in terms of
the number of captives established, are financial institutions, healthcare
service providers, retail and consumer products companies and infrastructure
companies, mainly construction and power and utilities.
In terms of the number of captives
domiciled on a global scale, the leading destinations include Bermuda, the
Cayman Islands, Guernsey, Luxembourg and the US state of Vermont. The key
reasons for the popularity of these locations are the relatively low taxes that
they levy on captives, favorable foreign direct investment (FDI) regulations,
the availability of competent professional manpower and geographical advantages
such as proximity to the main regions of operations of the parent companies.
Many captive domiciles such as Bermuda and Guernsey have agreed not to adopt
standards equivalent to Solvency II.
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