October 2023 Edition

This month we touch on some hot items. We are told health insurance is going up "due to medical inflation, soaring demand for costly weight-loss drugs and wider availability of high-priced gene therapies." But, the US property-casualty insurance sector may be stable in 2024.

Don't forget Monday, October 9th, is Columbus Day. Did you know, Columbus Day is one of ten federal holidays recognized nationwide by the United States Government. All non-essential federal government offices are closed on Columbus Day, and all federal employees are paid even if they receive the day off.

If you have any questions about implementing a Captive, call me directly or visit our Captive 101 section on our website by Clicking Here.


Larry Papola
Lawrence J. Papola, Jr.

Health Insurance Cost Hike

U.S. employers are bracing for the largest increase in health insurance costs in a decade next year, according forecasts from healthcare consultants, but workers may be somewhat spared this time around in a tight labor market.

Employers healthcare costs are forcasted to be jumping 5.4% to 8.5% in 2024...

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US Property-Casualty Underwriting Losses Persisted during First Half

MJ-line-graph-city image

Despite strong premium growth, the US property-casualty insurance industry continued to generate significant underwriting losses during the first half of 2023, according to Fitch Ratings.

The rating agency said it expects the industry's results to improve during this year's second half as price increases continue to take hold. Still, uncertainty remains regarding future catastrophe losses, the effects of inflation on loss costs, and loss reserve experience, Fitch said...

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Captive Claim Highlight

Client Profile

Industry: Medical
Specialty:  Provider of Dental Services
Location: Ohio

Claim Information

Description:   One of our Insureds lost their credentialing and authorization to bill for services rendered under a state Medicaid program due to the termination of a provider agreement without cause. As a result, the Insured lost revenue. Through their Captive Actual Net Loss Insurance Policy "Loss of License/Certification - Medical Industry" coverage, the Insured was able to recover their lost income.
Line of Coverage:  Loss of License/Certification - Medical Industry

This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $135,000,000.

*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.

Happening This month:

10/4: World Animal Day

10/5: World Teachers’ Day

10/9: Columbus Day

10/16: Boss’s Day

10/26: Nat’l Pumpkin Day

10/ 28: Nat’l Chocolate Day

10/29: Nat’l Cat Day

10/ 30: Nat’l Candy Corn Day

10/31: Halloween


This Month is Observed as:

Breast Cancer Awareness Month

Domestic Violence Awareness Month

Why Form a Captive?
There are numerous potential advantages to forming a captive insurance company. Captive insurance companies are formed for both economic and risk management purposes. By forming a captive insurance company, a business can dramatically lower insurance costs in comparison to premiums paid to a conventional property and casualty insurance company.
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