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Traditional insurance products provide a cost-effective means for transferring many risks. However, as these risks become larger, more complex, correlated, and harder to forecast and measure, it becomes more challenging to find cost effective ways to insure them. Current insurance products and coverage terms for some of the complex and emerging risks may not be sufficient, commercially available or even invented yet.

CICA’s Essay Contest: Next Generation Captive Insurance Solutions for New Risk Challenges, sponsored by Strategic Risk Solutions, is designed to engage risk management and insurance students in developing strategies for using captive insurance companies to address new and emerging risks in a cost-effective manner.  

Finalists will be notified by January 9th, 2019. The top 3 finalists will be invited to present at the CICA 2019 International Conference and have their essays published by Captive Review in March of 2019.

Contest Awards


The Challenge

  • Identify two specific products, services or emerging risks such as cyber, drones, #metoo, autonomous vehicles, climate change, product quality, etc. and their corresponding loss exposures including first and third party data breach, aviation, sexual molestation / harassment, auto liability / product liability, property including business interruption and product liability / product recall. 
  • Describe how and why a Captive Insurance Company arrangement could provide for a more appropriate, stable and / or cost-effective means of alternative risk financing or transfer.  Be sure to outline the Strengths, Weaknesses, Opportunities and Threats of such an arrangement. 

Contest Rules 

Teams: Work in teams of 2 undergraduate 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.

Limit: 3 submissions per school program. No more than one team per school will advance to top three.

Intent to Participate forms were due October 26th, 2018

Essay Submission forms were due November 16th, 2018


  • Contest Announcement  Sept. 18, 2018 
  • Student Teams submit Intent to Participate Form  Oct. 26, 2018 
  • Essay Submission Deadline  Nov. 16, 2018  
  • Finalists Notified  Jan. 9, 2019 
  • Top 3 Finalists Announced at CICA Int’l Conference – Mar. 11, 2019 
  • Finalists Give presentations at CICA Int’l Conference  Mar. 11-12, 2019
  • Finalist Essays Published by Captive Review  Mar. 2019

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