Awareness and demand for compliance driving captive growth in Labuan

Awareness and demand for compliance driving captive growth in Labuan

Awareness and demand for compliance driving captive growth in Labuan

Growing awareness of the benefits of captives among Asian companies, combined with greater scrutiny of how corporations manage their taxation policies, are helping drive strong growth in the captive sector in Labuan, according to Danial Mah, director general, Labuan Financial Services Association (Labuan FSA). Mr Mah revealed first-half 2019 captive numbers that showed a healthy upwards momentum during the recent…

Parima teams up with MAXIS GBN in Beijing for focus on employee benefits

Parima teams up with MAXIS GBN in Beijing for focus on employee benefits

Parima teams up with MAXIS GBN in Beijing for focus on employee benefits

The Pan-Asia Risk & Insurance Management Association (Parima) is this week supporting an event focused on employee benefits for risk managers in Beijing, organised by MAXIS Global Benefits Network (Maxis GBN) and its local partner ICBC AXA. Risk and insurance managers in Europe and North America are becoming increasingly involved in the management and transfer of employee benefits, as multinationals…

Labuan IBFC, SRCS and Parima team up to promote captives in Asia

Labuan IBFC, SRCS and Parima team up to promote captives in Asia

Labuan IBFC, SRCS and Parima team up to promote captives in Asia

Parima is supporting a conference organised by the Labuan International Business and Financial Centre (Labuan IBFC) and Swiss Re Corporate Solutions (SRCS) on 7 August in Kuala Lumpur, entitled ‘Adding Confidence to Captives: Managing Volatility via Self Insurance’. Global broker and captive manager Marsh reported in March 2019 that growth in the use of captives in the Asia-Pacific region and…

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Parima joins Labuan captive meeting as Asia-Pacific growth continues

Steve Tunstall, general secretary of Parima, will represent the association at a conference on captives, organised by Labuan International and Business Financial Centre and Swiss Re Corporate Solutions, as evidence mounts of the increased interest in the self-insurance tools among Asian risk and insurance managers. Mr Tunstall, a founding member of the Parima leadership team, is set to take part…

Labuan sees captive growth in 2018

Labuan sees captive growth in 2018

Labuan sees captive growth in 2018

Labuan saw six new captives licensed in 2018, bringing the total number of captives in the domicile to 48. According to the Labuan International Business And Financial Centre (IBFC) Market Report 2018, 22 insurance and insurance-related entities were approved in 2018, comprising six captives, 13 brokers, two (re)insurers and one underwriting manager, bringing the total number of approved Labuan insurance…

Asia-Pac captive domiciles to see growth, says Best

Asia-Pac captive domiciles to see growth, says Best

Asia-Pac captive domiciles to see growth, says Best

Captive domiciles in Asia-Pacific are set to benefit from growth in Asia’s economies, according to AM Best. The ratings agency said it expects to see significant growth of captive formations in Asia-Pacific domiciles such as Singapore, Labuan and Hong Kong, as economies grow and businesses seek new and more sophisticated ways of risk management and control. Best noted that to…

New chairman of Labuan Financial Services Authority

New chairman of Labuan Financial Services Authority

New chairman of Labuan Financial Services Authority

The Labuan Financial Services Authority has a new chairman, with the appointment of Datuk Oh Chong Peng. The appointment, which began on 16 October 2018 and runs until 15 February 2020, has been approved by the minister of finance. The Labuan Financial Services Authority said that Mr Datuk Oh has wide experience in financial and other business sectors. He is…

Labuan sees 10% growth in captives in 2017

Labuan sees 10% growth in captives in 2017

Labuan sees 10% growth in captives in 2017

The Labuan International Business and Financial Centre (LIBFC) saw the number of captive licences issued increase to 43 in 2017 from 39 in the previous year. In total, there were 14 insurance and insurance-related new setups in LIBFC in 2017. However, the total number of insurance-related licences fell from 204 to 203. The number of reinsurance-licensed companies fell from 44…

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captives increasingly writing cyber liability, employee benefits and terrorism, says Marsh Report

Captive insurance vehicles are rapidly growing in popularity as risk managers seek alternative ways to finance emerging risks their organisations now face, according to Marsh. The broker’s 2018 Captive Landscape Report: 50 Years of Risk Financing Innovation, highlights considerable growth in the last five years in captives writing cyber liability, employee benefits and terrorism coverage. It also points out that…

Tax concession heralds new push for Hong Kong captives

Tax concession heralds new push for Hong Kong captives

Tax concession heralds new push for Hong Kong captives

Hong Kong is bringing in tax concessions to further develop the territory as a captive domicile. Speaking at the annual reception of the Hong Kong Federation of Insurers, the secretary for financial services and the treasury, James Lau, said that with the Belt and Road Initiative, Hong Kong has the potential to emerge as a major risk management centre for…

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