Labuan International Business and Financial Centre Inc, together with Labuan International Insurance Association will co-host the ASIAN CAPTIVE CONFERENCE 2022 which be held on 18 August 2022.
This in-person conference will be officiated by Nik Mohamed Din Nik Musa, Director General of Labuan Financial Services Authority, while Datuk Iskandar Mohd Nuli, Executive Chairman of Labuan IBFC will deliver the welcome speech.
As the fastest growing captive domicile in Asia Pacific, the Labuan captive sector continued to gain momentum with 13 new players and total gross premiums increasing by 14.3% in 2021 despite operating against the background of a hard market.
Within the context of gaining higher premiums from market hardening effects, Labuan captives continued their growth momentum.
Labuan IBFC’s prominence
Labuan IBFC hosts 63 captives as at end- 2021, with premium volume of more than USD568.9 million which contributed 33.5% of the insurance industry premiums, with more than 65% of the premiums generated from the international insurance business.
These indicators clearly reflect Labuan IBFC’s increasing prominence as the captive market of choice regionally and globally. As such, Labuan IBFC and LIIA felt it both timely and necessary to host the ACC 2022 this year in-person to celebrate our achievements thus far and further elevate the captive space to greater heights.
ACC 2022 will serve as an ideal platform for insurance professionals to come together to actively share and exchange ideas on ensuring the continued growth and momentum of the captive market.
It is also a golden opportunity to cover critical and market-relevant issues and solutions. In view of this, panel presentations and discussions in this conference will comprise a diverse mix of representatives from regional captive markets.
The conference will kick off with a presentation on issues that are trending globally in the captive insurance sphere. This will be followed by a second presentation that will focus on the progress and monitoring of adherence to the Organisation for Economic Cooperation and Development’s BEPS action plan.
The panel discussions will open with a session on the development of captives in the Asian region. This discussion will map out the global captive landscape post Covid and identify key growth industries as well as emerging risk and regulatory developments. Current trends in captives will also be highlighted.
The second panel discussion will cover the future of self-insurance, whereby the creative uses for captives will be outlined, as well as the associated challenges & opportunities regarding innovative captive solutions.
The dialogue will also cover how captives will propel the shift in the risk landscape and how they can use alternative reinsurance capital to bring stability in a hard market. Last but not least, appropriate investment strategies and the best approach to various scenarios will also be debated.
This will be followed by a third panel discussion that will focus on protected cell companies (PCC). Topics covered in the discussion include the basics of forming a PCC or a captive, types of PCCs available, benefits posed by PCCs and the significance of captive processes and controls.
The conference will close with a panel that will examine the position of captives in ESG schemes, in terms of how captives are plugging ESG-related loopholes in the market and the key factors enabling them to do so, exploring the function of captive insurers as corporations deal with ESG inspections, and finally, why ESG risks are pertinent to captive insurers.
Brighton Management Limited, Etiqa Life Insurance, Labuan Insurance Management Services Ltd and Nicholas Actuarial Solutions will serve as conference co-sponsors, while supporting partners will be Insurtech Asia Association,
Pan-Asia Risk and Management Insurance, and the Philippine Insurers and Reinsurers Association, with Asia Insurance Review and Captive Insurance Times as media partners.