Airmic’s 2026 captive survey, publicised on 2 April 2026, describes expanding use of captives beyond traditional property and casualty business. Its report says more than half of respondents are writing Employee Benefits through their captives. The survey also examines governance, reinsurance and interest in a prospective UK captive framework.

These findings describe the participating Airmic membership. They are not a measure of the proportion of all captives worldwide that write employee benefits, nor proof that every employer would benefit from doing so. Survey responses and the association’s interpretation provide context for an organisation’s own assessment.

Start with the programme’s purpose This editor recommends identifying the problem that a proposed benefits captive would address before comparing structures or domiciles. The review could examine retained risk, information quality and the relationship between local benefit arrangements and central oversight. Each objective should have evidence against which progress can be assessed.

Existing benefit programmes may differ in claims experience, administration and available insurance arrangements. A multinational employer should examine those differences rather than assume that one central structure will operate identically everywhere. The review also needs to explain which responsibilities remain with local insurers and which decisions would fall to the captive.

Give the board the right information Airmic’s report treats governance as part of captive strategy. For benefits owners, that creates a practical reason to connect HR expertise with insurance and financial oversight. Boards need information that makes the underlying benefit risks understandable, including the limitations of the data used to support a proposal.

The employer can review how decisions about risk retention, programme changes and counterparties reach the board. It should also consider whether directors have enough information and relevant expertise to challenge management’s assumptions. A survey finding about broader captive adoption cannot establish the quality of a particular board’s decisions.

Keep domicile decisions conditional The UK framework is still in development in the source, with an anticipated 2027 regime. Expressions of interest in a future domicile should not be presented as evidence that a suitable regulatory route is already available.

The useful response is to develop a documented business case and identify the conditions that would need to be met before implementation. Airmic’s member experience can inform that work, while programme economics, local requirements and the captive’s capacity to oversee benefit risks require their own assessment.

Sources: Source consultée · Airmic 2026 survey report