CICA 2021-2022 Student Essay Contest
The annual CICA Student Essay Contest invites two-person teams of college risk management, insurance and business students to write about an aspect of captive insurance.
Submissions Now Open
The CICA 2021-2022 Student Essay Contest is now taking submissions.
“WE HEAR FROM YOUNG PROFESSIONALS THEY WANT TO BE CHALLENGED IN THEIR CAREERS AND THEY WANT TO MAKE A DIFFERENCE. CAPTIVE INSURANCE PROVIDES THOSE TYPES OF OPPORTUNITIES.”
– DAN TOWLE, CICA PRESIDENT
About the Contest
The CICA 2021-2022 Student Essay Contest “Using Captive Insurance Solutions to Address Coverage Gaps,” sponsored by Strategic Risk Solutions, asks students to help an organization create captive insurance solutions to provide member value and address coverage gaps for current and emerging risks. Student teams have the opportunity to learn from and interact with mentors at Strategic Risk Solutions in learning about their case and understanding key considerations in developing effective captive solutions.
Teams: Insurance and risk management students work in teams of 2 students per essay
Essay Length: 10 pgs. maximum Word document (double-spaced, 12 pt. font in Times New Roman or Cambria)
Prior Publication: Essays may not have been previously published (online or in print) or be in consideration for publication elsewhere
Judging: Essays will be judged by a team of CICA Members. No more than one team per school can advance to the top three finalists
Case Study #1
American Cannabis Association
Legalization of the sale of marijuana for medical and recreational purposes in an increasing number of states is creating significant investment opportunities related to the production and distribution of various products. At the same time, marijuana is still a Schedule I drug at the federal level, which creates many operational challenges for the industry, including finding banks and insurance plans that will provide needed coverages, particularly for general, product and automobile liability insurance. Workers compensation is expensive but, in most cases it can typically be obtained via the assigned risk market that exists in most states. Cyber risk is a growing problem as well.
The American Cannabis Association (ACA) which has hundreds of growers, transporters, and retailers across the United States, is interested in exploring the formation of a captive insurance company to provide the needed liability coverages for its members. Beyond insurance the ACA wants the captive to help encourage loss control and the development/sharing of best risk management practices among its members.
ACA is seeking ideas on the optimal structure of the captive and the best place for the captive to be formed to serve its long-term needs.
Case Study #2
Craft Breweries Association
The Craft Breweries Association (CBA) is devoted to providing its members an abundance of resources and membership benefits. With over 6,300 member breweries, CBA would like to develop a health benefit program to help member organizations stabilize/reduce their healthcare costs.
Member breweries are in all 50 states. Each brewery is typically employees 25 to 75 full-time employees plus part-time and seasonal workers.
The CBA has the capital to pay for feasibility, development, implementation and formation of a captive insurance company.
This project will identify if and how a captive can be used to provide medical stop loss coverage to participants and help participants control future health insurance costs for employers and employees. A longer term priority is offering some type of Voluntary Benefit offering to the employees to give them a “safety net” in the event of serious health issue.
December 10, 2021 | Intent to participate deadline. Student teams submit Intent to Participate Form. Note: you can still submit a final essay even if you do not submit the Intent Form.
TBD | SRS webinar for interested students.
January 7, 2022 | Essay submission deadline. Student teams submit using the Final Essay Submission Form.
January 25, 2022 | Top three finalist teams notified.
March 6-8, 2022 | CICA International Conference. Finalists present essays and first, second and third place are announced.
TBD | Finalist essays are published by our media partner Captive Insurance Times post-Conference.