The Labuan International Business and Financial Centre (IBFC) and Swiss Re Corporate Solutions are jointly organising a new conference in Kuala Lumpur, Malaysia, in August to enhance awareness of captive insurance in the region.
The event, titled “Adding Confidence to Captives: Managing Volatility via Self Insurance”, will take place on 7 August and open to all risk management professionals, business owners, global corporation leaders, and corporate advisors.
The conference is engineered to enhance the understanding of captive insurance and to close the education gap in the region–which has been identified as a key obstacle to the growth of captives in Asia Pacific.
According to A.M. Best, while there were an estimated 6,337 captives globally in 2018, just 2.8 percent were domiciled in Asia Pacific.
Labuan is one of the leading domiciles in the region, with 48 captives at year-end 2018, and saw continued growth in 2018, with insurance premiums rising by 19.1 percent and total gross captive premiums rising by 11 percent to $400.5 million.
Farah Jaafar-Crossby, CEO of Labuan IBFC, commented: “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.”
“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.”
“This joint conference is aimed at providing a platform to enhance knowledge and understanding among corporates with regards to these structures.”
Hosting the conference alongside Labuan IBFC is Swiss Re Corporate Solutions, a Labuan-domiciled entity that provides risk transfer solutions to large and mid-sized corporations around the world and utilises self-insurance.
Andrew Martin, head of innovative risk solutions Asia Pacific at Swiss Re Corporate Solutions noted: “Self-insuring through captives is an established and cost-effective way of protecting your assets but can pose the risk of potential insolvency under certain circumstances.”
