Generally speaking, a captive insurance company is an insurance company that issues insurance to an entity that also owns and controls the captive. (Credit: OpturaDesign/Shutterstock.com)
Over the last several years, traditional insurance has become increasingly expensive as insurers use risks and claims associated with the COVID-19 pandemic, geopolitical risk, supply-chain disruption, inflation and intensifying severe weather events to justify premium raises and coverage reductions. While premiums hikes may have fallen from the height of the hard market in 2020, recent reports have found consistent, rising average pricing rates as the difficult market continues across most product lines.
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