The Labuan International Business and Financial Centre (Labuan IBFC) has seen six captive formations as of mid-2019, the same number for the entire of last year.
Labuan IBFC said that the six captive formations have led to a 12.8 percent increase to $288 million in gross written premiums in June 2019, compared with $255 million in the same period last year.
Farah Jaafar-Crossby, CEO, Labuan IBFC said: “We are grateful to all our Labuan captives’ owners and service providers, both of which are key elements of our thriving ecosystem.”
Jaafar-Crossby explained that a specialist area of insurance like captives can only thrive with a strong and deep ecosystem to support it.
Labuan IBFC is an “ideal location” for captive formations, as it’s one of Asia’s fastest-growing reinsurance hubs, according to Jaafar-Crossby.
She added: “Support from the banking and corporate secretarial service providers add to the benefits of setting up in the domicile.”
Labuan IBFC’s insurance sector registered strong growth last year with total gross written premiums posting a significant increase to $1.7 billion, rising 19.1 percent from the previous year, of which foreign insurance business accounted for 64.7 percent of the total premiums underwritten.