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The Association of Corporate Counsel (ACC) is the world's largest organization serving the professional and business interests of attorneys who practice in the legal departments of corporations, associations, nonprofits and other private-sector organizations around the globe.

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Learn about key features captive insurance vs. traditional insurance in the United States, and aspects to keep in mind when considering setting up captive insurance.

Most businesses see insurance premiums as a necessary expense. In a hard market, decisionmakers are often faced with accepting increasing premiums from insurance carriers even with minimal individual loss history. To reduce insurance premiums, businesses may shop around, increase deductibles, or worse, cut coverages. In fourth quarter 2021, commercial property and casualty premiums increased an average of 8.7% across all account sizes, with increases across all lines of business, including workers’ compensation coverage.

Captive insurance is often a solution that is overlooked because of anticipated complexity, the start-up costs and the commitment required to form a single parent captive, or concerns surrounding group captives and potentially paying for losses of companies with inadequate risk management.

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