For captive insurance companies, setting premium rates can be challenging. Many factors can have an impact on whether or not the premium rate for an exposure is adequate and appropriate. In order for the premium rates to appropriately reflect the risks being insured, there must be constant and thorough communication and information exchange taking place between the actuary and the risk manager.
This article was first published in the July 2015 issue of Captive Visions.
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Pricing for captives: Communication is key to getting it right
One of the greatest advantages of an organization insuring its exposures through a captive is the opportunity to craft the policy language exactly as it would like to read.