MINNEAPOLIS ─ The Captive Insurance Companies Association (CICA) today announced case study topics for its 2019-2020 “Captive Insurance Solutions for Emerging Industries” essay contest for college insurance and risk management students sponsored by Strategic Risk Solutions.
Essay contest winners receive cash prizes, and the opportunity to present their winning papers at the CICA 2020 International Conference in Rancho Mirage, California, Mar. 8-10.
Student teams will select one of three case study topics for the competition. Case studies focus on developing strategies to help fictional organizations in real-world emerging industries develop captive solutions to provide financial stability and the needed coverages for current and emerging risks. Case studies focus on:
- Case Study #1 – Home Healthcare Industry – providing general/professional liability, workers compensation, and automobile (non-owned) liability protection for home healthcare provider organizations
- Case Study #2 – Cannabis Industry – providing liability coverage for businesses involved in growing, transporting and selling medical or recreational marijuana (cannabis)
- Cast Study #3 – Craft Brewing Industry – stabilizing and reducing healthcare costs for employees of craft breweries, which are primarily small businesses
“I am excited about this year’s topics,” CICA President Dan Towle said. “All three case studies use real-world situations focused on rapidly growing industries. For example, to serve our aging population, the home healthcare sector has added 2.8 million jobs in the last 10 years. We’ve also seen an explosion in the craft brewing industry and we now have 33 states and Washington, D.C. that have legalized marijuana for medical recreational, or both purposes which has encouraged an influx of business startups,” Towle explained. “Rapid growth often brings challenges to managing insurance and benefit costs and well-developed captive solutions can be a cost-effective strategy,” he added.
Brady Young, Chief Executive Officer, Strategic Risk Solutions (SRS), said SRS is pleased to again sponsor the competition. “We’re providing real world examples so students can experience being at the forefront of helping businesses in these emerging industries and understand how captives can help manage cost, coverage and risk management issues,” Young said. “Essay contest students will also have access to the experience of our SRS team for advice and counsel on captive best practices,” Young added.
The CICA Essay Contest invites two-person teams of college 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 award details for the top three essays are available on the CICA website.