KUALA LUMPUR, June 24 (Bernama) -- The Labuan International Business and Financial Centre (Labuan IBFC) and Swiss Re Corporate Solutions are collaborating to enhance awareness on captive insurance in Malaysia and Asia.
Both will jointly organise a conference here on Aug 7, 2019, themed “Adding Confidence to Captives: Managing Volatility via Self Insurance”.
Labuan IBFC Inc chief executive officer Farah Jaafar-Crosby said with the ever-changing global challenges and changes, the need for risk management tools such as captives and protected cell companies is on the uptick.
“We are delighted to partner with Swiss Re Corporate Solutions, one of the world’s leading providers of (re)insurance, and look forward to providing insights on risk management via self- insurance, especially captive insurance.
"This joint conference is aimed at providing a platform to enhance knowledge and understanding among corporates with regards to these structures," she said in a statement today.
Globally, captive insurance growth has been on an upward trajectory, with more than 6,500 captives formed as at the end of 2017.
However, she said, only two per cent of these captives originated from the Asia Pacific, hence, the Asian captives’ market still has significant potential for growth.
“In fact, Labuan IBFC recorded continued growth in 2018, with 19.1 per cent growth in insurance premiums, and total gross premiums for its captive insurance business showing an increase by 11 per cent to US$400.5 million,” said Farah.
Labuan IBFC according to her, remained the leading jurisdiction in Asia for captive formations in 2018, with six formations compared to other jurisdictions such as Singapore and Hong Kong, a testament to the commitment of the jurisdiction to captives.
As at December 2018, the total number of captives in Labuan IBFC stood at 48.