Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Labuan International Business and Finance Centre (IBFC) needs to ensure that the local community benefits from its economic activity, become a more diversified and sustainable economy, and enhance tax incentives so that they are on a par with international best practices. These are the three major challenges facing the IBFC, according to Muhammad bin Ibrahim, governor of Bank Negara Malaysia,…

Labuan stakes claim for title of top Asian captive centre

Labuan stakes claim for title of top Asian captive centre

Labuan stakes claim for title of top Asian captive centre

Labuan has claimed top status as the captive of choice for Asian corporates following the results of a survey commissioned by the Malaysian territory’s lobby group the Labuan International Business and Financial Centre. The report, Attitude towards Captive Insurance in Asia, showed that 70% of respondents would be willing to register their captive in the midshore centre. In addition to…

Moody’s downgrades four Chinese insurers after sovereign rating downgrade

Moody’s downgrades four Chinese insurers after sovereign rating downgrade

Moody’s downgrades four Chinese insurers after sovereign rating downgrade

The insurance financial strength ratings (IFSRs) of four Chinese insurers, including two captives, have been downgraded and their outlooks revised to stable from negative by Moody’s Investors Service. The move follows Moody’s decision to downgrade China’s sovereign rating to A1 stable from Aa3 negative. China Life Insurance Co and PICC Property and Casualty Company have been downgraded to A1 from…

Asian market’s potential for captive growth ‘immense’

Asian market’s potential for captive growth ‘immense’

Asian market’s potential for captive growth ‘immense’

The Asian market for captive insurance is relatively unexplored but the potential for growth is immense, according to Danial Mah Abdullah, CEO of the Labuan International Business and Financial Centre (Labuan IBFC). He said the penetration level is low at the moment, with just a little more than 2% of the total number of captives established worldwide. “We believe the…

Labuan insurance industry reports growth in 2016

Labuan insurance industry reports growth in 2016

Labuan insurance industry reports growth in 2016

The Labuan insurance industry recorded positive growth in 2016, according to the Labuan International Business and Financial Centre’s (IBFC) latest annual report. Total insurance and reinsurance gross premiums written increased by 3.3% to $1.4bn. This was mainly due to the increase in gross premiums written on motor and other classes of insurance outside Malaysia by Labuan general insurers and reinsurers,…

The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

The keys to the kingdom – risk manager profile

One of the most notable traits of Asia’s growing risk management industry is the eclectic nature of its protagonists. It is rare that anyone responsible for a company’s risk management does not have other responsibilities thrust on their shoulders. In the case of Parikshit Sen Gupta, vice-president, finance for the Shangri-La Group, his work for the Hong Kong-based hotel group…

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

Hong Kong FDSC calls for government support to promote captives business

The Hong Kong Financial Services Development Council (FSDC) has revealed plans to fight back against progress made by Singapore in recent times, and to use tax breaks to attract reinsurance, marine and captive insurance business back to the domicile. Risk managers in China, the wider Asia-Pacific region and worldwide will be interested to see that the FSDC, formed by the Hong…

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

Guernsey steps up Chinese captive campaign as MoU signed with CIRC

The Guernsey Financial Services Commission (GFSC) has signed a Memorandum of Understanding (MoU) with the China Insurance Regulatory Commission (CIRC) of the People’s Republic of China. Guernsey hopes that this latest agreement, coupled with its decision to recently set up a promotional agency in Hong Kong and the launch of a Mandarin website, will help attract Chinese insurers, captives and…

Hong Kong looks to establish itself as reinsurance and captive hub

Hong Kong looks to establish itself as reinsurance and captive hub

Hong Kong looks to establish itself as reinsurance and captive hub

The Hong Kong Financial Services Development Council (FSDC) has released a report which calls for action to be taken to further develop the region’s insurance and reinsurance industry, and highlights the potential of Hong Kong as a captive domicile. The report, Turning Crisis into Opportunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive, notes…

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