Panellists on the captive debate at the Parima conference were asked if Asia Pacific risk managers should consider the inclusion of employee benefits risks within their captives, as is increasingly the case in Europe and North America.
Hong Kong has been keen to establish itself as a captive centre, particularly for mainland Chinese companies, for some time—with limited success.
Good news for risk managers came last year as Ravi Menon, managing director at the Monetary Authority of Singapore (MAS), gave a speech entitled Smart Regulation and Sustainable Insurance Growth at the Insurance Institute of London.
The Labuan International Business and Financial Centre claims that it provides an “ideal ecosystem” for global companies to house their international dealings and transactions.
Hong Kong insurance market faces up to competition & low interest rates, Insurance sector needs to bridge talent gap and New regulator to usher in era of risk-based regulation.
It perhaps will come as no surprise to readers of Commercial Risk Asia that business leaders in the region focused on economic risks in the annual risk report published by the World Economic Forum (WEF) earlier this month.
Economists at Standard and Poor’s (S&P) are optimistic about the prospects for Europe and the US, despite fears over the Chinese economy and a rough ride for the world’s financial markets.
Parima has extended its reach to three new Asian countries in recent weeks with the appointment of new board members in Japan, Thailand and Myanmar.
Asian risk managers need to use Parima and team up with other international risk management associations such as Ferma and ECIROA in Europe and the leading insurance associations to try and stem the rise of protectionism among national insurance supervisors and help them structure more effective and efficient cross-border coverages.
Asian risk and insurance managers can look forward to another year of abundant capacity and soft insurance terms and conditions in 2016 as the international insurers and reinsurers fiercely battle for growth in the region just as the big Japanese groups join other players such as China Re and Asia Capital Re in the search for a wider regional presence.