Captive Insurance: Many Businesses are Now Considering This Insurance Solution, Says Hector Plascencia

On July 1, 2022, Alberta enacted legislation designed to provide a legal framework for the creation of captive insurance companies in the province. The law is intended for businesses wishing to establish their own insurance companies to cover their own risks.

Hector Plascencia, Senior Vice-President, National Practice Leader—Risk Advisory Services at BFL CANADA, joined Al‑Nawaz Rajan (Zurich) and Rick Da Costa (BLG) for an in-depth discussion on the subject during the recording of a podcast for the Global Captive Podcast channel. He addresses the reasons why companies are now turning to this insurance solution and underlines a shift in the increasingly diversifying profiles of the businesses relying on it.

“The drivers behind captive discussions are often very specific to each organization’s risk profile and operating model. The captive concept is basically an introduction to risk financing, but the ultimate solution has to be very tailored to the specific profile of the organization.”