Labuan IBFC and LIIA to host inaugural Asian Captive Conference 2017, aiming to raise awareness of the role of self-insurance in Asia
Kuala Lumpur, 16 May 2017 – Labuan International Business and Financial Centre (Labuan IBFC) and Labuan International Insurance Association (LIIA) are jointly organising The Asian Captive Conference (ACC 2017) in SasanaKijang, Kuala Lumpur on 16 and 17 August 2017.
Themed ‘De-Risking Asia: The Growing Role of Self-Insurance’, ACC 2017 is aimed at enhancing the awareness of the role of self-insurance, specifically captives, in Asia. The Governor of Bank Negara Malaysia, Datuk Seri Muhammad Ibrahim is expected to deliver a keynote address during the event.
Other highlights of the event will be the unveiling of the findings of a research conducted by Captive Review entitled “Attitudes towards Captive Insurance in Asia”. It is worth noting that while captive insurance has been used as a risk management tool for decades, starting in the 1950s in the United States, this concept of captive insurance is still very nascent in Asia.
Labuan IBFC Inc 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% out of the total numbers of 6,939 captives established worldwide (according to Business Insurance 2016) 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.”
He added that the ACC 2017 is timely as it will serve as an educational platform to raise awareness of businesses and corporates to use captive as a risk transfer tool as a complement to the traditional insurance.
“Labuan IBFC, for example, is a substance-enabling jurisdiction that offers captive as a business solution that is complemented by a competitive tax structure. In fact, there are currently about 39 captives in the centre and it is home to the world’s only takaful captive, introduced in 2015,” explained Danial.
The Labuan International Insurance Association Chairman, Raymond Wong Shu Yoon said, “Captives is 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.
“We are pleased and honoured to have Labuan IBFC as a partner for this event and we are definitely excited about this collaboration and hope to receive positive response from the industry players.”
The conference will also discuss various key areas in risk management including insure tech and block chain and the effects of Base Erosion Profit Shifting and tax transparency in business. There will also be dedicated sessions on captives, including a case study on an existing captive.
The conference will feature speakers such as Steve Tunstall, General Secretary of Pan-Asia Risk and Insurance Management Association (PARIMA); George McGhie, Managing Director of Captive Practice, Willis Towers Watson; Kelvin Wu, Group Risk & Insurance Manager of International SOS, DatukMajidMohamad, Technical Advisor of LIIA; Michael Velten, Asia-Pacific Financial Services & Insurance Tax Leader, Deloitte and; Stuart Herbert, Senior Vice-President of Marsh Captive Solutions Group.
The event is open to all business owners, captains of industry, leaders of global corporations, corporate advisers and risk management professionals. Registration fee starts at RM205.
For more information about ACC 2017 and to register, please visit: www.theasiancaptiveconference.com
Tel: +603 2773 8977 Mobile: +6012-326 1216
Tel: +603 2773 8975 Mobile: +6012-913 8979
Tel: +603 2773 8991 Mobile: +6012-253 8666
ABOUT LABUAN IBFC
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
Labuan International Business and Financial Centre (Labuan IBFC) offers global investors and businesses the benefits of being in a well-regulated midshore international business and financial centre, which provides fiscal neutrality and certainty, in addition to being an ideal location for substance creation.
Located off the North West coast of Borneo, Labuan IBFC provides access to Malaysia's network of more than 80 double taxation agreements and boasts Asia’s widest range of business and investment structures for cross-border transactions, international business dealings and wealth management needs.
Well-supported by a robust, internationally recognised yet business-friendly legal framework, Labuan IBFC operates within clear and comprehensive legal provisions and industry guidelines, enforced by its single regulator, Labuan Financial Services Authority.
With a focus on enabling cross-border transactions, providing risk management structures, Islamic financial services, commodities trading incentives and wealth management vehicles, we offer solutions to regional businesses going global or global businesses looking at penetrating Asia’s burgeoning markets.
ABOUT LABUAN INTERNATIONAL INSURANCE ASSOCIATION
The LIIA has in excess of 200 members involved in many different aspects of insurance and reinsurance – from Life and Non-Life Insurance and Reinsurance Brokers, Insurance and Reinsurance Companies, including Captives, to related Management and Accounting Services. The LIIA membership is a requirement for all insurance and reinsurance related entities.