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.”