Hong Kong Insurance Authority steps up captive initiatives

Hong Kong Insurance Authority steps up captive initiatives

Hong Kong Insurance Authority steps up captive initiatives

The Hong Kong Insurance Authority is actively pushing Hong Kong as a captive domicile with a range of initiatives, designed to build Hong Kong into the ideal global domicile for captives, an international risk management centre and a regional (re)insurance hub. A recent captive forum organised by the authority brought together more than 100 executives from captives operating in Hong…

Parima members look for alternatives as market hardens

Parima members look for alternatives as market hardens

Parima members look for alternatives as market hardens

Risk and insurance managers in the Asia-Pacific region are by no means immune from the rapidly hardening global corporate insurance market, as insurers seek to push up prices and limit cover and capacity on the back of the Covid-19 crisis. The hardening was actually already underway in the region before the crisis hit but, as in Europe, members of the…

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Steve Tunstall is general secretary of the Pan-Asia Risk & Insurance Management Association (Parima) and director of Tunstall Associates, based in Singapore. He was one of the founding members of Parima, along with Franck Baron, Kelvin Wu and the team when it was launched at its first conference in Singapore back in April 2013. Mr Tunstall is a business risk management…

Now is the time for captives to shine, says new report from Commercial Risk Europe

Now is the time for captives to shine, says new report from Commercial Risk Europe

Now is the time for captives to shine, says new report from Commercial Risk Europe

There has been a lot of talking up of captives during the last few years, with momentum growing in the last year or two, and a feeling that a new dawn was approaching for the sector. According to Commercial Risk Europe’s Captives Report 2020 – Captives: Next Generation, that time is now here. The traditional insurance market has properly hardened…

Parima Resilience Week gathers top insurance industry leaders

Parima Resilience Week gathers top insurance industry leaders

Parima Resilience Week gathers top insurance industry leaders

The Pan-Asia Risk and Insurance Management Association (Parima) has gathered an impressive line-up of speakers for its coming Resilience Week (9-13 November) and expects a record number of delegates for one its events. The Singapore-based association moved swiftly to replace its usual physical conference at this time of year with the virtual event. The programme is designed to help risk…

Labuan IBFC reports 2019 captive growth in premiums and licences

Labuan IBFC reports 2019 captive growth in premiums and licences

Labuan IBFC reports 2019 captive growth in premiums and licences

Labuan has reported that ten new entities were approved in 2019, comprising one general insurer, five captives, three brokers and one underwriting manager, while seven entities surrendered their licences. This is according to the Labuan International Business and Financial Centre’s (IBFC) Market Report 2019, which notes that 2020 marks the 30th anniversary of the establishment of the Labuan IBFC in…

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

The Labuan Financial Services Authority (Labuan FSA) has announced temporary regulatory reliefs (TRRs) for Labuan entities, including insurers and captives, to cushion the impact and disruption to business operations caused by the coronavirus pandemic. Labuan FSA said the TRRs “are intended to provide administrative and financial relief to Labuan entities during the Covid-19 crisis and facilitate uninterrupted business and market…

Singapore government extends tax break for captives

Singapore government extends tax break for captives

Singapore government extends tax break for captives

The Singapore government has extended the tax break granted to captive insurance companies domiciled in the territory for another five years. Singapore is already the biggest captive centre in the Asia-Pacific region, with some S$1.1bn in premiums and more than S$4.5bn in captive assets under management. As part of its latest budget, the Singapore government revealed that the Insurance Business…

Huge potential for employee benefits captives in Asia-Pacific

Huge potential for employee benefits captives in Asia-Pacific

Huge potential for employee benefits captives in Asia-Pacific

Maxis GBN has highlighted the potential for the captive market in Asia-Pacific to help multinationals in the region manage the rising costs of their employee benefits programmes. In a ‘Viewpoint’ article, Captives in Asia-Pacific, Maxis says: “Captive use in Asia-Pacific is likely to increase at a higher rate than in other markets around the world, with employers looking to take…

Fiji looking at possible captive insurance legislation

Fiji looking at possible captive insurance legislation

Fiji looking at possible captive insurance legislation

Fiji is reported to be looking at the possibility of becoming a captive domicile, according to local newspaper Fiji Times. In the Reserve Bank of Fiji’s submission to the Standing Committee on Economic Affairs in the Reserve Bank of Fiji Insurance Annual Report 2018, the bank’s governor Ariff Ali said the country’s Insurance Act 1998 was undergoing a review with…

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