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Inaugural Asian Captive Conference To Be Hosted by Labuan IBFC and LIIA

ACC 2017 logo 480x377
May 18, 2017

Labuan International Business and Financial Centre (Labuan IBFC) and Labuan International Insurance Association (LIIA) are jointly organizing The Asian Captive Conference (ACC) 2017 in Sasana Kijang, Kuala Lumpur, August 16–17, 2017.

Themed "De-Risking Asia: The Growing Role of Self-Insurance," ACC 2017 is aimed at enhancing the awareness of the role of self-insurance, specifically captives, in Asia. The governor of Bank Negara Malaysia, Datuk Seri Muhammad Ibrahim, is expected to deliver a keynote address during the event.

Labuan IBFC CEO Danial Mah Abdullah said, “The Asian market for captives is relatively unexplored and the potential for growth is immense. The penetration level is low at the moment with only 2.3% out of the total numbers of 6,939 captives established worldwide (according to Business Insurance 2016) and we believe the Asian captive market will continue to grow at a steady pace.

“While many companies will continue to depend on traditional insurance, those with the know-how will explore greater business opportunities and risk management options through captives, especially when commercial premium rates make standard insurance untenable.”

He added that the ACC 2017 is timely, as it will serve as an educational platform to raise awareness for businesses and corporations to complement the use of traditional insurance with captives as a risk transfer tool.

“Labuan IBFC, for example, is a jurisdiction that offers captives as a business solution that is complemented by a competitive tax structure. In fact, there are currently about 39 captives in the center and it is home to the world’s only takaful captive, introduced in 2015,” explained Danial.

The Labuan International Insurance Association Chairman, Raymond Wong Shu Yoon, said, “[Captives are] a unique concept of self-insurance that allows corporations and businesses to enjoy greater protection with the flexibility of managing them to suit their needs. Naturally, this could be an attractive and cost-efficient business solution for many.”

The Conference will also discuss various key areas in risk management, including insure tech, block chain, and the effects of Base Erosion Profit Shifting and tax transparency in business. There will also be dedicated sessions on captives, including a case study on an existing captive.

The Conference will feature speakers such as Steve Tunstall, general secretary of Pan-Asia Risk and Insurance Management Association; George McGhie, managing director of captive practice, Willis Towers Watson; Kelvin Wu, group risk & insurance manager, International SOS; Datuk Majid Mohamad, technical advisor, LIIA; Michael Velten, Asia-Pacific financial services & insurance tax leader, Deloitte; and Stuart Herbert, senior vice president, Marsh Captive Solutions Group.

ACC 2017 is open to all business owners, corporate executives, and advisers, as well as risk management professionals.

For additional insight into the Asian captive scene, see the article “China Captives in the Limelight.”
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