Located off the North West coast of Borneo, Labuan IBFC’s track record as Asia’s leading international business and financial centre is evidenced by its recent silver jubilee, marking its 25th anniversary as an international business and financial centre, focussed on meeting the needs of the Asian market.
Labuan IBFC’s insurance industry is thriving, as evidenced by its vibrant growth in the past few years. Comprising not just reinsurers and direct insurers, Labuan IBFC also provides unique underwriting vehicles in the form of captives and protected cell companies. This is an increasingly popular risk solution sought by more Asian corporates that prefer to have the flexibility of managing their own risk portfolio more efficiently.
Aside from conventional (re)insurance services, Labuan IBFC also offers Islamic (re)insurance, better known as (re)takaful, for those seeking shariah-compliant protection. In fact, Labuan IBFC is the only jurisdiction which offers shariah-compliant captive solutions, known as takaful captives, introduced in 2014.
Insurance brokers, underwriting managers as well as insurance managers complete the supply chain by offering the needed services within the sector. The sector is well represented by an active industry grouping called the Labuan International Insurance Association, representing the entire risk management industry and giving a strong voice to the industry.
For more information on Labuan IBFC, please visit www.labuanibfc.com and for more information on the Association, please visit www.liia-labuan.org
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