Kuala Lumpur
16 May 2017
Reporter: Becky Butcher

Labuan to host Asia Captive Conference


The Labuan International Business and Financial Centre and Labuan International Insurance Association (LIIA) are set to host an Asia captive conference on 16 and 17 August.

The conference, titled De-Risking Asia: The Growing Role of Self-Insurance, is aimed at enhancing the awareness of the role of self-insurance, with a specific focus on captives in Asia.

One of the highlights of the conference is expected to be a keynote speech from the governor of Bank Negara Malaysia, Datuk Seri Muhammad Ibrahim.

The conference will also cover various key areas in risk management, including insurtech and blockchain, and the effects of base erosion and profit shifting and tax transparency in business, as well as dedicated sessions on captives, including a case study on an existing captive.

Labuan IBFC CEO, Danial Mah Abdullah said: “The Asian market for captive is relatively unexplored and the potential for growth is immense. The penetration level is low at the moment with only 2.3 percent out of the total numbers of 6,939 captives established worldwide and we believe the Asian captive market will continue to grow at a steady pace.”

“The Asian corporations are viewing captives as a viable alternative of risk management tool and the number who appreciates this concept is growing.”

“While many companies will continue to depend on traditional insurance, those with the know-how will explore greater business opportunities and risk management options through captives, especially when commercial premium rates make standard insurance untenable.”

LIIA chairman Raymond Wong Shu Yoon added: “Captives are a unique concept of self-insurance that allows corporations and businesses to enjoy greater protection with the flexibility of managing them to suit their needs. Naturally, this could be an attractive and cost-efficient business solution for many.”

More Industry news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
R&Q completes assignment of deductible liabilities
21 September 2017 | London | Reporter: Jenna Lomax
The liabilities relate to workers’ compensation policies issued between 1988 and 2012 to a US corporate from a large US carrier
NCCIA clarifies 831(b) memo
20 September 2017 | Charlotte | Reporter: Becky Butcher
The North Carolina Captive Insurance Association has issued a statement to clarify a memo discussing the 831(b) tax election and the impact on the state’s captive insurance industry should Congress repeal the election
XL Group selects Dublin as post-Brexit location
20 September 2017 | London | Reporter: Becky Butcher
XL Group has revealed its plans to move its principal EU insurance company, XL Insurance Company, from the UK to Ireland in 2018, in response to Brexit
R&Q completes novation from Cayman captive
20 September 2017 | Cayman Islands | Reporter: Becky Butcher
Randall & Quilter (R&Q) Holdings has completed the novation of reinsurance policies issued between 2006 and 2011 from a Cayman domiciled group captive
Cayman captives gain strength from teamwork, says IMAC panels
18 September 2017 | Grand Cayman | Reporter: Jenna Lomax
The Cayman Islands’ strength in captive insurance comes from “its team approach to captives”, according to a panel of experts
Recent disasters put spotlight on the role of captive insurance
15 September 2017 | Vermont | Reporter: Jenna Lomax
The recent spate of natural disasters has focused a spotlight on catastrophic losses and how captive insurance can play an "important role" in helping organisations “defray” some of the related financial losses
BA pension scheme uses captive
15 September 2017 | London | Reporter: Becky Butcher
The British Airways (BA) Airways Pensions Scheme (APS) has used a captive to insure £1.6 billion of pension liabilities against longevity risk