OLDWICK, N.J.–(BUSINESS WIRE)–In this A.M.BestTV episode, attendees at the 2017 International Conference of the Captive Insurance Companies Association in San Diego, CA, said market and regulatory pressures will drive more cyber risk to captives. Those captives will also be required to meet new cyber risk standards. Click on http://www.ambest.com/v.asp?v=cica2317nc to view the entire program.
Despite the soft market, some attendees said they believe there are plenty of opportunities for captives.
“I think some of the newer opportunities that are coming are the more esoteric,” said Anne Marie Towle, executive vice president, captive consulting practice leader, JLT Insurance Management USA. “However, not necessarily esoteric in complete nature, but more like things that might have not always been placed in the traditional marketplace … things that might not have been insured in a captive.”
Yet, Tony Weller, chief executive officer, Citadel Risk, said he sees the soft market as definitely an obstruction.
“It is really hard to see, whilst the market remains soft, where those new opportunities will be,” said Weller. He thinks it could, “inevitably occur when some kind of catastrophe happens in the property market, natural or not.”
Other people that appear in this episode:
- Paul Owens, chief executive officer, global captive practice, Willis Towers Watson;
- Fredrik Finnman, global risk insurance management, Assa Abloy;
- Steve Bauman, head of captive services, Zurich Global Corporate, North America;
- Kathleen Waslov, senior vice president, Willis Towers Watson;
- David Provost, deputy commissioner, Vermont Captive Insurance Division; and
- Paul Shimomoto, marketing chair, Hawaii Captive Insurance Council.
For full coverage of the conference, including exclusive executive interviews, visit www.ambest.tv/cica17.
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