Over the years, captive insurance has become very popular amongst businesses and multiple industries. This is because using captive insurance helps with managing risk more effectively, limiting costs, and giving business owners more control over their insurance policies. With so many businesses seeking out new ways to insure themselves, captive insurance is gaining more traction than ever.

Still curious about captive insurance? In this blog post, we are going to explore notable captive insurance examples of companies that use captive insurance and the many industries that benefit from it.

Notable Companies and Industries Using Captives

Large Scale Businesses

Many large-scale businesses use captive insurance models because they have more significant risks that need to be protected. With captive insurance, businesses can tailor their coverage to their specific needs and ensure that assets are protected. Captive business models are also much cheaper than traditional insurance which can be a great benefit for large-scale companies.

Captive Insurance Examples: Google, Apple, and General Motors.

Healthcare and Pharmaceutical Industry

It is not uncommon for healthcare providers and pharmaceutical companies to be subject to high-risk scenarios. This could include things like malpractice claims or issues with patient safety. Using captive insurance allows businesses to mitigate these risks and cover malpractice insurance, employee health insurance, and other operational risks.

Captive Insurance Examples: Johnson and Johnson, Hospitals, and Medical Device Manufacturers

Energy and Gas Companies

One of the many industries using captives is energy and gas. These companies involved in sectors like oil, gas, and renewable energy can face a lot of potential risks. Whether it's environmental liabilities, offshore drilling accidents, or natural disasters, these risks must be covered. And with captive business models, there's no better way to manage these risks. Being able to self-insure reduces reliance on external insurance and increases the company's control over claims and premiums.

Captive Insurance Examples: Shell, BP, and Chevron

Retail Chains and Manufacturing

Large-scale retailers and manufacturers face a lot of different risks. This could be disruptions in supply chains, product recalls, cyber risks, and liability claims. Many big retail chains will use captive insurance to mitigate risks and give themselves greater protection in their operations. Captive insurance allows businesses to maintain flexibility in their coverage and manage their premiums more efficiently.

Captive Insurance Examples: Walmart, Target, and Amazon

Transportation and Logistics

Companies in the transportation and Logistics sectors oftentimes have very high risks relating to things like cargo damage, accidents, theft, and liability. Using captive business models allows for these businesses to run more smoothly. By making the claims process much more efficient and self-insuring risks, transportation and logistics companies can feel secure.

Captive Insurance Examples: FedEx, UPS, and DHL

Choosing the Right Captive Insurance Partner

Captive insurance provides many benefits to businesses of any size. Whether you are looking to take control of your insurance claims, save money, or have tailored coverage, captive insurance can be a great choice. And it's no secret that industries using captives are typically more successful. But, partnering with a trusted provider is crucial for success.

There are many top players in the world of captive insurance, however, one captive insurance provider that really stands out and provides industry-leading services is Captive Resources.

KT Captive Insurance works as a partner to Captive Resources to give expert advice, ensuring businesses in all sectors can navigate the complexities of captive insurance.

Working with KT Captive Insurance your business can have access to the best captive insurance solutions out there. Allowing you to finally take control of your insurance program.

No matter what industry, captive insurance plays a role in protecting vital business assets. Without a captive business model, many businesses would struggle immensely with large claims and risks. Now that you know the many successful businesses and industries using captives, you can see how they make a big difference. So, check out captive insurance and take control of your business's insurance policy.