Captive Insurance is a type of cover that allows you more control over your insurance policies. By creating your own insurance company, also known as a ‘captive’, you’ll be offered stability in a market constantly changed by natural disasters, pandemics, inflation and other global events.
When you rely on traditional insurance options, your insurer has complete authority over the type of coverage you receive, how much you need to pay, and whether your claims are valid or not.
Captive Insurance, on the other hand, lets you create your own insurance company, or 'captive,' which gives you more authority over the risks you insure. Captive entities are valid entities that are used by various organizations, such as private, publicly listed, and non-profit organisations, both in Australia and around the world.
It is important to note that Captive Insurance should not be considered a complete solution to risk management. Businesses must have the resources available to set up an insurance company to provide cover for potential losses.
Additionally, Captive Insurance has a high barrier to entry, and it is generally recommended for companies with exemplary loss histories (and continued lower loss expectations) that have a premium size of at least $1 million.
Crucial Insurance recommends Captive Insurance for companies with exemplary loss histories (and continued lower loss expectations) that have a premium size of at least $1 million as this type of cover has a high barrier to entry. Your captive may also be expected to engage with various experienced professionals, such as insurance brokers (like us), attorneys, administrators, accountants and tax advisors.
The cosmopolitan capital of South Australia, Adelaide is renowned for its rich art and culture scene, and unique historical background. Established in 1836, the sprawling city was the only capital planned for free British settlers, though is now home to an array of cultures and faiths. It is also host to Australia’s largest display of Indigenous artefacts at the South Australia museum, with a collection of more than 38 000 artworks.
In 2020, the city's Gross Regional Product (GRP) was estimated to be around $40 billion AUD, which represents a growth rate of 1.7% from the previous year. The largest contributors to Adelaide's economy during this time were the health care and social assistance sectors, accounting for around 12% of the city's GRP, and followed by manufacturing, which accounted for around 10%. Other important industries in Adelaide include education and training, professional and technical services, and construction.
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