Self insurance policy is purchased from the commercial insurance market to cover losses in excess of the self-insurance.
Insurance pools are an extension of self-insurance and are employed by companies to underwrite their collective exposure to high-occurrence, low-cost risks.
Captive insurer is a licensed insurance company established by a non-insurance parent company to insure the risks of the parent company.
Risk retention groups are liability insurance companies owned by their insureds (which must be engaged in a similar business or exposed to similar risks) and they are authorised by the Liability Risk Retention Act of 1986, which permits the insurance company - once licensed by its state of domicile - to insure members in all states.
Credit securitisations, CAT bonds, weather derivatives and finite risk products are among the available alternatives to insurance products.
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