Captives are going to be at the “forefront of innovation in Asia’s insurance market”, according to Guernsey Finance representatives speaking at its insurance master class event in Hong Kong.
The event, which took place on 8 November, was attended by more than 50 delegates, including insurance and risk managers, family office manages, HR directors, finance directors, lawyers and accountants.
Kate Clouston, director of International Business Development at Guernsey Finance, said: “Captives allow for improved risk management and a greater and a great understanding of the cost of risk.”
“Not only that, but they also provide direct access to the wholesale reinsurance market and great control of claims and result in less reliance on the commercial insurance market.”
She added: “Captives are certainly going to be at the forefront of innovation in Asia’s insurance market, and Guernsey is proud to be recognised as a centre of excellent in this area.”
Earlier this year, Guernsey representatives signed agreements with both the China Captive Alliance and the Kashgar government to promote captive insurance in the region.
The agreements intend to facilitate business development initiatives between the parties and enable captive insurance market development and information sharing.
