Gitnux/Report 2026

Captive Insurance Industry Statistics

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Captive Insurance Industry Statistics
Samuel NorbergWritten by Samuel Norberg·Fact-checked by Maya Johansson
Published
How this report is researched
01Editorial Scope

An editor sets the topic, the inclusion criteria, and the evaluation framework before research starts.

02Source Research

AI search agents locate sources and extract each figure together with the document it came from.

Read our full methodology →

Search agents attach provenance to every extracted figure.

Next review: within 39 days

01 Industry overview

The captive insurance industry at a glance

The captive insurance industry reached 6,549 active captives worldwide in 2025, as organizations increasingly used self-insurance structures to manage hard-market pricing, capacity constraints and emerging risks.

6,549[45]
Active captives worldwide, 2025
$36.3B[58]
Vermont gross premiums, 2025
707[59]
Vermont active captives, 2025
3,466[19]
U.S. domestic captives, 2024
Market size
Business Insurance data tracked across 80 domiciles show 6,549 active captives in 2025. Vermont alone reported $36.3 billion in gross written premium in 2025, although this is a domicile figure rather than a global market total.[45][58]
Forecast & CAGR
A reliable, publicly available global forecast CAGR for captive insurance was not identified. The latest observed global count increased 3.8% in 2025, to 6,549 active captives from 6,037 in 2024.[45]
Market share & regions
The United States accounted for 3,466 domestic captives in 2024, while Vermont reported 707 active captives in 2025. Bermuda had 608 licensed captives at year-end 2025, illustrating the continued importance of both U.S. and offshore domiciles.[19][59][60]
Segmentation
Captive structures include single-parent, group, association, rent-a-captive, protected-cell and series structures. In the 2024 SIIA survey, 38% of respondents said cell captives were the structure most frequently formed in 2023; employee benefits and property and casualty were each cited by 50% of respondents as areas with the most growth.[17]
Key players & concentration
The industry is fragmented across 80 domiciles rather than dominated by a small group of carriers. Vermont was the largest global domicile in 2025 with 707 active captives, while Bermuda had 608 licensed captives at year-end 2025.[45][59][60]
Pricing
The 2024 SIIA survey reported an average estimated premium per captive of $6,304,545, down from $6,734,722 in the prior survey. Respondents also identified price inflation as one of the two leading industry concerns, cited by 29% of respondents.[17]
Trends, drivers & challenges
Captive formation and expansion have been supported by hard commercial-market conditions, rising premiums and limited capacity, while organizations increasingly use captives as permanent enterprise risk-management tools. The main reported challenges include price inflation and staffing shortages, each cited by 29% of SIIA survey respondents.[45][17]
Consumer behavior & competition
Captive insurance is purchased primarily by businesses, associations and groups rather than household consumers. In the SIIA survey, 83% of respondents said captive owners had not considered leaving their captive, while owners reported maintaining approximately two captives per business on average.[17]
Regulation
Captives are licensed and supervised by their domicile regulators, with requirements varying by jurisdiction and structure. The NAIC identifies microcaptives as captives with annual written premium below $2.8 million for 2024 and notes continuing regulatory attention to captive use in life insurance.[48]
Latest news
The latest available industry reporting indicates that active captives rose 3.8% in 2025 to 6,549 across 80 domiciles. Recent commentary also points to growing use by middle-market companies and continued expansion of captive solutions for risks that are expensive or difficult to place in the commercial market.[45][18]
report visual · Comparison

Total captives managed by captive management company

Marsh Captive Solutions leads with 1,489.

Marsh Captive Solutions1,489
Aon Captive & Insurance Management997
Artex Risk Solutions839
Strategic Risk Solutions762
Accession Risk Management622
GPW and Associates400
source-verifiedbusinessinsurance.com

02 Ranking

Top 10 Companies in the Captive Insurance Industry

The leading companies in the captive insurance industry, ranked on market impact, performance, momentum, innovation and brand popularity.

Updated November 10, 2026 · Next review December 10, 2026

Verdict

Aon and Marsh are tied at the top of Gitnux's 2026 captive insurance ranking with an Overall score of 9.3 each.

Ranked by Overall score · How we score ↓

Editor's top 3 picks

Where to start, by need.

  1. #1 Overall · Leader in captive management

    Aon

    IE

    Ranked #1 · 9.3 · Captive management

    Why we picked it: Global captive management footprint across 48 domiciles, with 997 captives managed at year-end 2024.

    See in ranking ↓Visit aon.com ↗

  2. Leader in group captive solutions

    Brown & Brown

    US

    Ranked #3 · 9.3 · Group captive solutions

    Why we picked it: Captive management and group captive offering expanded via Accession Risk Management acquisition in 2025.

    See in ranking ↓Visit bbrown.com ↗

  3. Leader in captive insurance management

    Gallagher

    US

    Ranked #4 · 9.1 · Captive insurance management

    Why we picked it: Captive insurance management delivered via Artex within the captive insurance management segment.

    See in ranking ↓Visit ajg.com ↗

Pick 1 is the #1 company overall. Picks 2 and 3 are the highest-ranked companies in the top 5 that add a new segment.

Full ranking

Sort by
Top 10 companies in the captive insurance industry, 2026 – Gitnux ranking
#CompanyOverall ↓Company snapshot
1

Aon

Captive management · IE

9.3
2

Marsh

Captive management · US

9.3
3

Brown & Brown

Group captive solutions · US

9.3
4

Gallagher

Captive insurance management · US

9.1
5

Strategic Risk Solutions

Independent insurance management · US

9.1
6

WTW

Global captive and insurance management · US

8.7
7

Davies

Captive and insurance management services · GB

8.1
8

Captive Resources

Member-owned group captive operator · US

7.7
9

Risk Services

Captive and risk-retention management · US

7.6
10

Hylant

Captive consulting and management, United States · US

7.4

How we score

  • Impact (30%): scale and weight in the market (revenue, market share, employees, market position).
  • Performance (20%): recent revenue growth and operating margin; an analyst assessment where a company does not publish them.
  • Momentum (20%): growth trajectory and future potential.
  • Innovation (15%): R&D intensity and how technologically advanced the company is.

Popularity (brand search demand, 15%) counts toward Overall but is not published as a column. Overall leaves out what is not known.

Scale Scores are shown on a 7–10 scale with one decimal; bars start at 7.0.

Cadence Recalculated when new figures are published; next review December 10, 2026.

Independence. Rankings are editorially independent. Scores, ranks, picks and the verdict follow the method above; no company can pay to change them.

Cite this ranking

APA

Samuel Norberg. (2026, November 10). Top 10 companies in the captive insurance industry. In Captive Insurance Industry Statistics. Gitnux. https://gitnux.org/captive-insurance-industry-statistics/#top-companies

04 Statistics

Technology & Innovation

AI governance is a 2026 spending priority for 86% of captive-focused risk leaders. Across captive-insurance providers, 88.2% reported AI in underwriting for 2026.

AI in the captive insurance industry

  • 86% of captive-focused risk leaders identified AI governance as a spending priority for the next 12 months in 2026.[1]
  • 57.1% of medical stop-loss captive service providers had implemented AI in underwriting in 2026, according to an SIIA industry survey.[2]
  • 88.2% of broader captive-insurance service providers had implemented AI in underwriting in 2026, according to an SIIA industry survey.[2]

Digital Transformation in the insurance sector (sector benchmark)

  • 13% of UK insurance professionals surveyed said their operations were fully digitized, while 79% considered digital transformation important or extremely important for competitiveness.[3]
  • 25% of the world’s 210 largest insurers had fully digitalized their value chain in ACORD’s 2025 study, while 46% were still investing in digitalization without completing the transformation.[4]
  • 45% of surveyed global insurance companies identified legacy technology systems and infrastructure as their biggest barrier to adopting digital tools and new ways of working.[5]
  • 46% of global insurers were classified as having digital aspirations in ACORD’s 2025 maturity study, meaning they had explicit digitalization investment but remained on the transformation journey.[4]

Technology Adoption in the insurance sector (sector benchmark)

  • 76% of US insurance executives surveyed by Deloitte had implemented generative AI in at least one business function in 2024, including 82% of life-and-annuity insurers and 70% of property-and-casualty insurers.[6]
  • 95% of UK insurance firms responding to the Bank of England’s 2024 survey were already using artificial intelligence, the highest adoption rate among surveyed financial-services sectors.[7]
  • 78% of global property-and-casualty insurers surveyed by Bain were using generative AI in some capacity in 2025, but only 4% had scaled it across their organizations.[8]
  • 65% of European insurance undertakings surveyed by EIOPA were already actively using generative AI in 2025, with another 23% planning adoption.[9]

Cloud Computing in the insurance sector (sector benchmark)

  • Cloud computing and data-science techniques were described as well embedded across many Irish insurance companies in a 2025 CEO survey covering 37 respondents.[10]
  • 94% of Insurance Ireland CEOs surveyed said their companies currently adopted cloud technology in 2025, making it the most widely adopted innovative technology in the survey.[10]
  • Gartner reported in 2024 that industry cloud platforms were highly valued by insurance respondents to its Cloud End-User Behavior Survey, indicating strong interest in sector-specific cloud environments.[11]
  • 78% of Insurance Ireland CEOs surveyed planned future use of cloud technology in 2025, despite already reporting 94% current adoption.[10]

Big Data in the insurance sector (sector benchmark)

  • 65% of European insurance undertakings surveyed by EIOPA used generative AI in 2025, with reported applications spanning customer service, claims management, sales and distribution, and data analysis.[9]
  • 64% of reported generative-AI use cases among European insurers were for internal back-office applications in EIOPA’s 2025 survey, compared with 36% for customer-facing applications.[9]
  • 75% of Insurance Ireland CEOs surveyed said their companies currently adopted data science or analytics in 2025, making it the second-most adopted innovative technology in the survey.[10]
  • 50% of European non-life insurers and 24% of life insurers reported using artificial intelligence in their operations in EIOPA’s 2023 digitalization survey.[9]

IoT in the insurance sector (sector benchmark)

  • 13% of Insurance Ireland CEOs reported current IoT adoption in 2025, compared with 94% for cloud technology and 75% for data science or analytics.[10]
  • 19% of Insurance Ireland CEOs surveyed planned future Internet of Things adoption in 2025, up from 13% reporting current adoption.[10]
  • 13% of Insurance Ireland CEOs surveyed said their companies currently adopted Internet of Things technology in 2025.[10]
  • 19% of Insurance Ireland CEOs reported planned IoT adoption in 2025, compared with 54% planning machine learning and predictive modelling and 86% planning artificial intelligence.[10]

Innovation in the captive insurance industry

  • 24% of Airmic captive users reported a captive-first policy that maximised utilisation for covers or services such as emerging-risk incubation and data gathering in 2026.[12]
  • 36% of risk leaders viewed captives as incubators for emerging, non-traditional risks in 2026.[1]
  • 42% of Airmic respondents had increased captive utilisation directly because of commercial market conditions in 2026.[12]
  • 7% of risk managers were cutting back on captive use in favour of traditional insurance in 2026.[1]
  • 48% of Airmic respondents without a captive said a proportionate UK captive regime would make them more likely to explore forming one in 2026.[12]
  • 21% of risk leaders identified captives and alternative risk transfer as a leading opportunity to innovate in risk management in 2026.[1]

05 Statistics

Data & Analytics

Data use is moving from underwriting inputs into broader service expectations, with 76% of Airmic respondents saying captives were planned for additional data gathering in 2026.

Data analytics in the captive insurance industry

  • 76% of Airmic survey respondents said their captives were used substantially for insurance and were planned for additional services including data gathering, in 2026.[2]
  • 21 of 23 medical stop-loss captive respondents rated renewal pricing at least moderately predictable compared with the standard market in 2026.[2]
  • 57.1% of medical stop-loss captive service providers reported implementing artificial intelligence in underwriting, according to the 2026 SIIA survey.[2]
  • 24% of Airmic respondents considered access to reinsurance markets through their captives critical in 2026.[2]
  • 34% of Airmic respondents considered access to reinsurance markets through their captives necessary in 2026.[2]
  • 88.2% of broader captive service providers reported implementing artificial intelligence in underwriting, according to the 2026 SIIA survey.[2]

Data Quality in the insurance sector (sector benchmark)

  • 53% of insurance respondents globally identified access to external data as a fraud-response challenge in 2024.[13]
  • 63% of UK insurers and brokers reported distrust in data as a data challenge in 2025.[14]
  • 71% of UK insurers and brokers reported duplicate data as a data challenge in 2025.[14]
  • 45% of insurers globally cited receiving relevant asset data within required timeframes as an operational challenge in 2024.[15]
  • 61% of insurance respondents globally identified internal data quality as their biggest challenge in fraud response in 2024.[13]
  • 39% of insurers globally cited asset data management as an operational challenge in 2024.[15]

Data Governance in the insurance sector (sector benchmark)

  • 67% of UK insurers and brokers followed manual processes for customer financial-crime risk assessments in 2025.[14]
  • 55% of insurance executives said data security and privacy were a focus of their data strategy in 2026.[16]
  • 65% of insurance executives said data governance was a focus of their data strategy in 2026.[16]
  • 48% of insurance executives said risk management and compliance were a focus of their data strategy in 2026.[16]
  • 17% of UK insurers and brokers had a unified data platform supporting integrations from multiple data sources in 2025.[14]

KPIs in the captive insurance industry

  • 38% of brokers identified cost savings as their clients' primary motivation for forming a captive in the 2025 SIIA survey.[17]
  • 30% of captive survey respondents said success was assessed by claims performance in 2019.[1]
  • 4-to-1 was Vermont's generally used maximum reserve-to-surplus ratio for monitoring captive insurers in 2026.[2]
  • 37% of brokers reported being likely to recommend a captive option to other clients in the 2025 SIIA survey.[17]
  • 90% of brokers using captives expected demand for captive insurance to grow over the following five years in the 2025 SIIA survey.[17]
  • 47% of brokers identified improved risk management as their clients' primary motivation for forming a captive in the 2025 SIIA survey.[17]

06 Statistics

Strategy & Growth

Marsh data shows captive premium growth tied to program expansion, including 98% growth for education-sector programs in 2025. Global active captives rose 3.8% year over year in 2025.

Growth in the captive insurance industry

  • 98% was the 2025 increase in captive premium for education organizations in Marsh-managed programs worldwide.[2]
  • $79.1 billion was written in gross premium by Marsh-managed captives in 2025 worldwide.[2]
  • 127% was the 2025 increase in captive premium for chemical companies in Marsh-managed programs worldwide.[2]
  • 3.8% was the year-over-year increase in global active captive numbers from 2024 to 2025.[18]
  • 118 new captives were formed by Marsh in 2025, compared with 92 in 2024 worldwide.[1]
  • $11.5 billion was ceded to reinsurance by Marsh-managed captives in 2025, down from $13.4 billion in 2024.[1]

Differentiation in the captive insurance industry

  • 683 European captives represented 10.9% of the worldwide captive total in 2024.[18]
  • 29% of surveyed captive formations in 2023 used pure or single-parent captives.[19]
  • 6,290 captives operated worldwide at the end of 2024, excluding microcaptives, series captives and individual protected-cell members.[18]
  • 542 microcaptives were included in Accession Risk Management Group’s 622-captive portfolio in 2024.[18]
  • 1,380 individual cells were reported within Artex Risk Solutions’ protected or segregated cell companies in 2024.[18]
  • 212 Asia-Pacific captives represented 3.4% of the worldwide captive total in 2024.[18]

Mergers and acquisitions in the captive insurance industry

  • 48 domiciles were served by Aon Captive and Insurance Management in 2024, demonstrating the geographic reach of a major captive platform.[18]
  • 212 captives were managed by Davies Captive Management in 2024 before its subsequent leadership expansion in 2025.[18]
  • 66 runoff transactions in 21 countries worth more than €1.7 billion had been completed by DARAG before its 2024 Hawaii captive acquisition.[1]
  • 25 years of captive-market activity had been built by Alternative Risk Resources before McGriff acquired the broker in 2023.[1]
  • 80 captive structures were managed by ARM Group Holdings before its acquisition by Howden in 2024.[1]
  • 5,000 insurance professionals were employed across Accession’s operating platforms before Brown & Brown completed the acquisition in 2025.[1]

Strategic partnerships in the captive insurance industry

  • 15 staff or full-time contractors supported Helio Risk’s captive-management network in 2026.[1]
  • 2 Vermont captives had been established by Helio Risk by January 2026 as the manager expanded its regional presence.[1]
  • 8 domiciles were covered by Helio Risk’s captive-management operations in 2026 as its client and service-provider network expanded.[1]
  • 2 captive-management organizations, Howden and ARM Group Holdings, combined their capabilities through the 2024 transaction.[1]
  • 1100 was the Lloyd’s captive syndicate launched by Apollo in 2024 for a major global client.[20]
  • 1 carrier partner, SiriusPoint, provided the insurance-carrier capacity for the CaptiveXS excess umbrella program.[21]

07 Statistics

People & Workforce

Staffing continues to expand despite talent concerns, with 73% of responding captive-insurance companies adding staff in the past year in the 2025 survey.

Hiring in the captive insurance industry

  • 64% of responding captive-insurance companies reported hiring staff in 2024, compared with 73% in the 2025 survey.[22]
  • 73% of responding captive-insurance companies reported adding staff in the past year, according to the 2025 SIIA Captive Industry Survey.[22]
  • 9 new hires was the average reported by each captive-insurance company that added staff in the year covered by the 2025 SIIA survey.[22]
  • 72% of captive executives surveyed by Captive International believed the industry already faced a talent shortage roughly a decade before 2026.[23]

Remote Work in the insurance sector (sector benchmark)

  • Across U.S. insurance companies, 22% said in 2025 that most of their staff worked fully remotely.[24]
  • Across U.S. finance and insurance employees, 30% worked fully from home during the December 2024–March 2025 survey period.[25]
  • Across U.S. finance and insurance workers, 13.4% reported remote work in the Chicago Fed survey covering July 2021 through March 2024.[26]
  • Across North American insurance and actuarial professionals, 89% said in 2025 they had the option to work remotely.[27]

Hybrid Work in the insurance sector (sector benchmark)

  • Across 116 UK insurance companies, 19% expected their hybrid-working policy to become more restrictive in 2025.[28]
  • Across U.S. finance and insurance workers, 28.7% were in hybrid work environments as of September 2024.[29]
  • Among finance, insurance and real-estate employers in the United States, 55.8% were classified as fully hybrid in the 2024 NACE employer survey.[30]
  • Across U.S. finance and insurance employees, 38% worked in hybrid arrangements during the December 2024–March 2025 survey period.[25]

Employee Engagement in the insurance sector (sector benchmark)

  • Among workers newly hired into property and casualty insurance during the previous five years, about one-third valued engaging and interesting work in a 2025 poll.[29]
  • Across U.S. employees, 33% were engaged in their work and workplace in 2023, an economy-wide benchmark relevant where insurance-specific engagement data are limited.[31]
  • Among U.S. employees surveyed by Gallup, 16% were actively disengaged in 2023, providing an economy-wide benchmark for insurance employers.[31]
  • Across insurance employees surveyed by APQC in the first half of 2024, employee experience priorities and engagement gaps were measured across insurance organizations.[32]

Change Management in the insurance sector (sector benchmark)

  • Among global insurance chief risk officers, 75% reported increased involvement in major enterprise-wide change initiatives in 2025.[33]
  • Across 200 global insurance executives, 45% identified legacy technology as a major barrier to adopting digital tools and new ways of working in 2024.[5]
  • Across property and casualty insurers, 28% of AI investment went to change management, including employee and leadership training, in 2026.[34]
  • Across 200 global insurance executives, 73% planned to change their core insurance management technology within three years in 2025.[35]
  • Across 53 insurance transformation leaders, 44% placed their organizations in the top quartile for AI transformation in 2026.[16]

08 Statistics

Customer & Sales

Retention-focused narratives show in survey outcomes: 83% of respondents said owners had not considered leaving their captive. Broker feedback also reflects cost complaints driving captive discussions.

Customer experience in the captive insurance industry

  • 71.4% of captive owners reported in 2023 that they had not considered closing or leaving their captives.[23]
  • 67.4% of captive owners in a CICA market study said recapturing premiums otherwise spent in the commercial market was a current source of captive value.[36]
  • 83% of captive owners reported in 2024 that they had not considered leaving their captive, indicating broadly positive ongoing customer experience among captive owners.[17]
  • 7 of 35 brokers in the 2026 captive survey said their clients performed about the same in captives as in fully insured programs.[21]
  • 6 of 35 brokers in the 2026 captive survey identified ownership of underwriting profits as the primary benefit clients received from captive participation.[21]

Customer retention in the captive insurance industry

  • Captive respondents in Aon’s 2021 benchmarking survey recorded a 73% increase in premium retention from 2018 to 2021.[36]
  • 57% of 2023 captive survey respondents said they could find similar coverage in the commercial insurance market.[23]
  • 38% of respondents reported cell captives as the most frequently formed captive structure in 2023.[17]
  • 83% of respondents in the 2024 SIIA captive survey said they had not considered leaving their captive.[17]
  • Property damage and business interruption premium retention increased 361% among Aon-managed captives between 2018 and 2021.[36]

Customer acquisition in the captive insurance industry

  • 58% of brokers in the 2025 SIIA survey said they had not improved, or were unsure whether they had improved, clients’ perceptions of captives.[17]
  • 22% of respondents to Aon’s 2025 Global Risk Management Survey said they currently had a captive or protected cell company.[37]
  • All 16 brokers in the 2026 captive survey said their clients complained about the cost of insurance.[21]
  • All 15 brokers answering the follow-up question in the 2026 captive survey said they would be highly likely to recommend a captive to a client with better understanding of its benefits.[21]
  • All 16 brokers in the 2026 captive survey said they had discussed alternative risk financing arrangements with clients.[21]

Customer loyalty in the captive insurance industry

  • 54.3% of captive owners in the CICA market study identified funding retentions or centralizing buying as a captive value source.[36]
  • 7 of 35 brokers in the 2026 survey said captive clients performed about the same as clients in fully insured programs.[21]
  • 67.4% of captive owners in the CICA market study identified premium recapture as a captive value source.[36]
  • 73.7% of captive owners in the CICA market study identified plugging insurance-program gaps as a captive value source.[36]
  • 59.4% of captive owners in the CICA market study identified unique coverage solutions as a captive value source.[36]

Lead generation in the captive insurance industry

  • 206 captive clients were served on average by each respondent organization in the 2022 SIIA survey.[23]
  • Approximately 1,900 captives and other entities across 55 domiciles were managed by Marsh in 2023.[38]
  • Nearly 400 new captive entities were formed by Marsh clients during the three years before its 2023 benchmarking report.[38]
  • 7,665 captive clients were served in total by all respondents to the 2023 SIIA survey.[17]
  • 5,377 captive clients were served in total by all respondents to the 2022 SIIA survey.[23]

09 Statistics

Marketing & Brand

Broker and owner survey signals center on knowledge gaps and perceived relationship value. In 2024, 75% of brokers without captives said they lacked sufficient knowledge.

Marketing in the captive insurance industry

  • 75% of brokers without captives believed offering captive insurance could enhance their client relationships in the 2024 survey.[17]
  • 17% of captive owners reported using a risk-retention-group structure in 2025.[17]
  • 75% of brokers not using a captive said they lacked sufficient knowledge and wanted more information about captive options in 2024.[17]
  • 50% of captive owners reported using a group-captive structure in 2025.[17]
  • 100% of brokers without captives reported that their clients complained about insurance costs in the 2024 survey.[17]

Influencer Marketing in the insurance sector (sector benchmark)

  • 25%: European insurance undertakings reported already having a commercial relationship with social-media influencers in EIOPA’s 2023 survey of 209 undertakings.[9]
  • 8%: European insurance undertakings reported plans to establish a commercial relationship with social-media influencers soon in EIOPA’s 2023 survey of 209 undertakings.[9]
  • 5.76%: Banking, finance and insurance companies’ average share of marketing budgets allocated to influencer strategies currently, based on 29 surveyed companies in 2023.[39]
  • 4.17%: Banking, finance and insurance companies’ average share of marketing budgets allocated to influencer strategies one year earlier, based on 29 surveyed companies in 2023.[39]
  • 11.62%: Banking, finance and insurance companies’ projected average share of marketing budgets allocated to influencer strategies three years later, based on 29 surveyed companies in 2023.[39]

10 Statistics

Operations & Execution

Operational scaling is evident in formation pace, with 697 new captive formations reported across 2025 by 44 service providers. AI adoption in underwriting is reported by 88.2% for 2026.

Process optimization in the captive insurance industry

  • 34 captives were reported as redomiciled during the 2025 survey period, continuing movement from offshore to onshore domiciles.[17]
  • 21 of 23 medical stop-loss captive respondents rated renewal pricing as at least moderately predictable compared with the standard market for the January 1, 2026 renewal cycle.[2]
  • 697 new captive formations were reported by 44 service providers involved in 2025 formations, with a median of four formations per provider.[21]
  • 35% of respondents identified group captives as the most common captive structure formed in the 2025 survey.[17]
  • 88.2% of broader captive service providers had implemented artificial intelligence in underwriting in 2026, according to SIIA survey respondents.[2]

Operational efficiency in the captive insurance industry

  • 73% of captive-industry survey respondents reported adding staff during the year covered by the 2025 survey.[17]
  • $6.305 million was the average estimated premium per captive reported in the 2024 survey.[17]
  • 548 captive clients was the average reported number served per respondent in the 2024 survey.[17]
  • Nearly four new captive formations were reported for every captive closure per respondent in 2024.[17]
  • 7,665 captive clients were served by all respondents in the 2024 survey.[17]

Quality management in the captive insurance industry

  • 42.9% of 2022 captive-manager respondents reported captives undergoing IRS captive campaign audits, all involving enterprise-risk captives.[17]
  • 60% of 2022 captive-manager respondents reported that none of their clients had received no-change letters from the IRS.[17]
  • 57% of 2025 survey respondents said known risks or lasers absorbed into a captive did not threaten overall captive health.[17]
  • $284,938 was the collective average estimated defense cost per captive reported in the 2022 survey, with a $38,750 median.[17]
  • 56% of medical stop-loss captive respondents reported a net loss ratio below 80% in the 2025 survey.[17]

Outsourcing / Offshoring in the insurance sector (sector benchmark)

  • 63% of Australian insurance businesses that offshore used offshore teams for administration and back-office work in 2026.[40]
  • 44% of insurance organizations globally planned to increase outsourcing in Asia over the following 12 months in 2025.[16]
  • 45% of Australian insurance businesses that offshore used offshore teams for document processing in 2026.[40]
  • 70% of Australian insurance businesses that offshore used offshore teams for broker support in 2026.[40]
  • 37% of Australian insurance businesses offshored at least one function in 2026, compared with 29% in 2023.[40]

11 Statistics

Finance & Pricing

Price pressure is visible through survey averages and survey concerns: the 2024 SIIA survey estimated premium per captive at $6,304,545. The same survey cited price inflation by 29% of respondents.

Pricing strategy in the captive insurance industry

  • 13% of 2025 SIIA survey respondents identified professional liability as an area with increased captive use.[17]
  • 52% was the year-over-year increase in travel-insurance premium written by Marsh-managed captives in 2025, indicating expansion into third-party product strategies.[2]
  • 22% of 2025 SIIA survey respondents selected creative business solutions as a leading operational trend.[17]
  • $79 billion in global captive insurance premiums was reported for 2025, as organizations used captives to respond to commercial-market pricing and capacity pressures.[8]
  • 17% of 2025 SIIA survey respondents identified cyber as an area with increased captive use.[17]

Cost reduction in the captive insurance industry

  • $1.3 billion was the average total captive premium reported by SIIA respondents for 2023.[17]
  • 3.1 percentage points was the commission expense ratio for rated captives, compared with 12.1 points for the broader commercial market.[41]
  • $6.3 million was the average estimated premium per captive reported by SIIA respondents for 2023.[17]
  • 548 was the average number of captive clients served per responding organization in 2023, up from 206 in 2022.[17]
  • $4.6 billion was the median total captive premium reported by SIIA respondents for 2023.[17]

Profitability in the captive insurance industry

  • 81% was the combined ratio for Bermuda Class 3 captives in 2021.[42]
  • 67% was the combined ratio for Bermuda Class 1 captives in 2022.[42]
  • 78% was the average combined ratio for Bermuda Class 3 captives in 2023.[42]
  • $62 million was the underwriting profit reported by Washington, D.C. captives in 2022.[43]
  • 57% was the average loss ratio for Bermuda captives in 2023.[42]

Financial planning in the captive insurance industry

  • $1.599 billion was the net earned premium of Washington, D.C. captives in 2023.[43]
  • $10.432 billion was the total assets of Washington, D.C. captives in 2023.[43]
  • $10.281 billion was the total assets of Washington, D.C. captives in 2022.[43]
  • 0.025% is North Carolina’s assumed-reinsurance premium tax rate for captive premium of $60 million or more.[44]
  • $1 million is the minimum capital and surplus requirement for a risk retention group in North Carolina.[44]

12 Statistics

Product & Service

Service-line expansion includes stop-loss and reinsurance structures; alternative-risk programs grew 10% in 2025. Marsh-managed education-sector programs recorded 98% premium growth in 2025.

Product development in the captive insurance industry

  • 10% was the increase in alternative-risk programs, including aggregate stop-loss and structured multiline reinsurance, during 2025.[2]
  • 98% was the year-over-year premium growth recorded for education-sector captive programs in 2025 globally.[2]
  • $1.1 million was the average premium written by newly established Marsh-managed captives in 2025.[2]
  • 52% was the year-over-year increase in travel-insurance premium written through third-party captive programs in 2025.[2]
  • 75% of Marsh-managed risk-retention vehicles were single-parent captives in 2025.[2]

Product lifecycle in the captive insurance industry

  • Nearly 3 new captive formations occurred for every captive closure per SIIA respondent in 2023.[17]
  • 4 lines of coverage was the average for Marsh-managed single-parent captives in 2025.[2]
  • 19 was the average number of captives formed per SIIA survey respondent in 2024.[17]
  • 83% of SIIA respondents said captive owners had not considered leaving their captive in 2023.[17]
  • 3.8% was the year-over-year increase in global active captive numbers in 2025.[45]

After-sales in the captive insurance industry

  • 28% of medical-stop-loss captive respondents reported a net loss ratio between 81% and 90% in 2024.[17]
  • 30 clients was the median served per SIIA survey respondent in 2024.[17]
  • 548 clients was the average served per SIIA survey respondent in 2023.[17]
  • More than 13,000 captive clients were served by SIIA survey respondents in 2024.[17]
  • 137 clients was the average served per SIIA survey respondent in 2021.[17]

Value proposition in the captive insurance industry

  • 97.0 was the five-year average combined ratio for the commercial casualty peer composite through 2024.[46]
  • 9% was the increase in captive premium volume among Fortune 500 companies in 2025.[2]
  • $1.3 billion was the net income reported by AM Best-rated U.S. captives in 2024.[46]
  • $4.6 billion was added to year-end surplus by the AM Best-rated U.S. captive composite between 2019 and 2024.[46]
  • $11.5 billion was ceded by Marsh-managed captives to the reinsurance market in 2025.[2]

13 Statistics

Sustainability & Ethics

ESG assessment remains partial and uneven. In a 62-response Airmic survey, 50% of captive-owning organizations said the captive connects with the parent on ESG issues in 2023.

Sustainability in the captive insurance industry

  • 45% of Airmic respondents considered a broker’s ESG position when choosing insurance providers in 2023.[12]
  • 37% of Airmic survey respondents reported having a captive insurance company in 2023, while 58% reported not having one.[12]
  • 46% of Airmic respondents considered an insurer’s ESG position when choosing insurance providers in 2023.[12]
  • 50% of captive-owning organizations reported that their captive connects with the parent organization on ESG issues in 2023, according to a 62-response Airmic survey.[12]
  • 8% of captive-owning organizations reported that their captive formally assessed ESG performance in 2023, according to an Airmic survey.[12]

ESG in the captive insurance industry

  • 13% of Airmic respondents did not know whether ESG priorities and actions were included in insurance renewal presentations in 2023.[12]
  • 66% of Airmic respondents included ESG priorities and actions in insurance renewal presentations in 2023.[12]
  • 45% of Airmic respondents considered brokers’ ESG positions when selecting providers in 2023.[12]
  • 35% of Airmic respondents considered auditors’ ESG positions when selecting providers in 2023.[12]
  • 8% of captive-owning organizations said their captive formally assessed ESG performance in 2023, according to Airmic’s survey.[12]

Ethics in the captive insurance industry

  • 71% of captive-governance survey participants reported boards with seven or fewer members in 2019.[2]
  • Almost 60% of captives surveyed in 2019 lacked a formal onboarding and educational process for directors.[2]
  • 38% of Airmic captive-owning respondents were unsure whether their captive boards had sufficient independence and expertise in 2026.[2]
  • 34% of Airmic captive-owning respondents said their captive boards partially had sufficient independence and expertise to challenge parent organizations in 2026.[2]
  • 3% of Airmic captive-owning respondents said their boards lacked sufficient independence and expertise to challenge parent organizations in 2026.[2]

15 Statistics

Globalization & Expansion

Domicile mix continues to matter, with Bermuda at 608 licensed captives at year-end 2025 and Vermont at 707 active captives in 2025. Marsh Captive Solutions managed about 2,000 entities writing $73B in premiums across 56 domiciles in 2023.

Globalization in the captive insurance industry

  • Marsh Captive Solutions managed about 2,000 entities writing $73 billion in premiums across 56 domiciles in 2023.[56]
  • Labuan had 77 licensed captives at year-end 2024, up from 69 in 2023.[18]
  • The Cayman Islands had 670 licensed captives at year-end 2024, the largest offshore domicile total.[57]
  • 29.8% of global captives were domiciled in North American offshore jurisdictions in 2024.[18]
  • 10.9% of global captives were domiciled in European jurisdictions in 2024.[18]

Cultural adaptation in the captive insurance industry

  • Canada's captive premiums increased 78% in 2023 as Canadian owners expanded alternative-risk-transfer use.[56]
  • Dublin had 61 licensed captives at year-end 2024.[18]
  • Luxembourg had 197 licensed captives at year-end 2024, up from 195 in 2023.[18]
  • The Federated States of Micronesia had 25 licensed captives at year-end 2024.[18]
  • Sweden had 30 licensed captives at year-end 2024, up from 28 in 2023.[18]

Supplier management in the captive insurance industry

  • Davies Captive Management managed 212 captive entities in 2024.[18]
  • Brown & Brown managed 136 captive entities in 2024.[18]
  • Aon Captive & Insurance Management managed 997 captive entities in 2024.[18]
  • 44 service providers reported involvement in 697 new captive formations during 2025.[21]
  • 27 of 38 captive service-provider respondents had implemented artificial intelligence in underwriting by 2026.[21]

Stakeholder management in the captive insurance industry

  • Captive use among Aon survey respondents rose from 17% in 2021 to 25% in 2023.[36]
  • 31 of 105 respondents named cyber risk as an area of increased captive interest in 2026.[21]
  • 12 of the 160 respondents to the 2026 SIIA survey were captive owners or policy owners.[21]
  • 32 of 35 respondents expected demand for captive insurance to grow over the next five years in 2026.[21]
  • 18 of the 160 respondents to the 2026 SIIA survey were prospective captive owners.[21]

Distribution channels in the captive insurance industry

  • 79 protected or segregated cell companies, containing 478 individual cells, were managed by Aon in 2024.[18]
  • 17 protected or segregated cell companies, containing 305 individual cells, were managed by Davies in 2024.[18]
  • 79 protected or segregated cell companies, containing 350 individual cells, were managed by Marsh in 2024.[18]
  • 105 protected or segregated cell companies, containing 571 individual cells, were managed by Strategic Risk Solutions in 2024.[18]
  • Marsh Captive Solutions added about 500 new formations over the four years through 2023.[56]

Key questions about the captive insurance industry

How big is the captive insurance market in 2025, and what do we track?
In 2025, active captives worldwide reached 6,549, tracked across 80 domiciles. Vermont reported $36.3B in gross written premium in 2025 as a domicile figure.
Is the captive market growing, and how fast did it change in 2025?
The latest observed global count increased 3.8% in 2025 to 6,549 active captives from 6,037 in 2024. Forecast CAGR was not identified from publicly available sources.
Which companies lead the captive insurance industry?
Aon and Marsh are tied at the top of Gitnux's 2026 captive insurance ranking with an Overall score of 9.3 each.
What technology shifts are showing up in 2026 for captive underwriting and data governance?
In 2026, 86% of captive-focused risk leaders identified AI governance as a spending priority. Also, 88.2% of broader captive-insurance service providers implemented AI in underwriting in 2026, and 65% of executives cited data governance as a focus for 2026.
How is the captive insurance industry structured across domiciles?
The industry is fragmented across 80 domiciles rather than dominated by a small group. Vermont was the largest global domicile in 2025 with 707 active captives, while Bermuda had 608 licensed captives at year-end 2025.
What pricing and staffing challenges are most frequently reported?
The 2024 SIIA survey cited price inflation as a leading concern at 29%, and staffing shortages were cited by 29% of respondents. In 2026, AI governance is a priority for 86% of captive-focused risk leaders.
Reference

Cite This Report

This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.

APA
Samuel Norberg. (2026, November 10). Captive Insurance Industry Statistics. Gitnux. https://gitnux.org/captive-insurance-industry-statistics
MLA
Samuel Norberg. "Captive Insurance Industry Statistics." Gitnux, 10 Nov 2026, https://gitnux.org/captive-insurance-industry-statistics.
Chicago
Samuel Norberg. 2026. "Captive Insurance Industry Statistics." Gitnux. https://gitnux.org/captive-insurance-industry-statistics.

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