Labuan IBFC and Swiss Re Corporate Solutions will be jointly hosting the
“Adding Confidence to Captives: Managing Volatility via Self Insurance” conference
The Labuan International Business and Financial Centre (Labuan IBFC) and Swiss Re Corporate Solutions have announced that they will be jointly organising a conference titled “Adding Confidence to Captives: Managing Volatility via Self Insurance” on 7 August in Kuala Lumpur.
“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,” said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc.
She added, “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.”
"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,” said Andre Martin, Head of Innovative Risk Solutions Asia Pacific, Swiss Re Corporate Solutions. “At Swiss Re Corporate Solutions, we optimise self-insurance by transferring risk to provide capacity and liquidity,” he added. In Malaysia, Swiss Re Corporate Solutions is a Labuan-domiciled entity with a co-located office in Kuala Lumpur,
Globally, captive insurance growth has been on an upward trajectory, with more than 6500 captives formed as end of 2017. However only 2% of these captives originate from Asia Pacific, hence the Asian captives’ market still has a significant potential for growth.
“In fact, Labuan IBFC recorded continued growth in 2018, with 19.1% growth in insurance premiums, and total gross premiums for its captive insurance business showing an increase by 11% to USD400.5 million,” said Farah.
She added that Labuan IBFC remains the leading jurisdiction in Asia for captive formations in 2018, with six formations compared to other jurisdictions such as Singapore and Hong Kong, a testament to the commitment of the jurisdiction to captives.
As at December 2018, the total number of captives in Labuan IBFC stood at 48.
Self-insurance is a risk management tool that an increasing number of businesses are turning to for cost-efficiency. It is a solution that is suitable not only for big corporations but also medium-sized businesses, including entities such as associations where the risk pooling can be more advantageous in terms of cost savings and risk mitigation.
Labuan IBFC offers Asia’s widest range of self-insurance structures aside from pure single captives, with structure offerings that include mutual and association captives, rent-a-captives as well as protected cell companies. This wide range of self-insurance structures allows for Asian corporates an extensive range of options when they begin to consider how best to self-insure their risk.
The conference is open to all risk management professionals, business owners, leaders of global corporations, and corporate advisers. For more information on the “Adding Confidence to Captives: Managing Volatility via Self Insurance” conference and to register, please visit: www.labuanibfc.com/cap19.
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ABOUT LABUAN IBFC
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
Labuan International Business and Financial Centre (Labuan IBFC), Malaysia, through its internationally recognised yet business-friendly legal framework, is the preferred international business and financial centre in the Asia Pacific region.
It offers global investors and businesses the benefits of being in a well-regulated jurisdiction, while providing for fiscal neutrality and certainty, in addition to being an ideal location for substance creation.
Labuan IBFC boasts a wide range of business structures and investment solutions catered to cross-border transactions and international business dealings. It offers services and solutions in niches such as asset leasing, risk management, commodity trading, wealth management, international business companies and Islamic financial services to global businesses looking at penetrating Asia and Asian entities aiming to go global.
Labuan IBFC operates within clear and comprehensive legal provisions, guidelines and practice notes, enforced by a single regulator, Labuan Financial Services Authority.
To keep up with everything about Labuan IBFC, follow Twitter or Facebook @LabuanIBFC. Alternatively, visit www.labuanibfc.com
About Swiss Re Corporate Solutions
Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customised products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions serves clients from over 50 offices worldwide and is backed by the financial strength of the Swiss Re Group.