The midshore jurisdiction wins the Asian Domicile category for the second year running at the Asia Captive Review Awards 2019, sealing its Asian leadership in the self-insurance industry. Survey by Captive Review, the industry's leading trade publication showed that 50% of all captives set up in Asia in 2018 were domiciled in Labuan IBFC. Singapore, 15 October 2019 - Labuan International Business and Financial Centre (Labuan IBFC) was recognised as the best Asian Domicile for the second year in a row at the Asia Captive Review Awards recently.
The Awards, held in Singapore on 10 October, recognise and reward service providers, captive owners and risk management professionals for their exceptional services and approaches to captive insurance in the Asia region. The Asian Domicile category is awarded to the jurisdiction that demonstrates the highest standards of regulation, accessibility, efficiency and commitment in promoting the captive insurance business in the region.
"We are immensely proud Labuan IBFC has won for the second year in a row - a testament of our commitment in ensuring the captive industry in Asia continues to grow," said CEO of Labuan IBFC Inc, Farah Jaafar-Crossby on the win. She added that in 2018, 50% of all captive insurance vehicles incorporated in Asia were domiciled in Labuan IBFC, testament to the leadership of the domicile in this space.
This momentum is expected to continue, and as at mid-2019 the jurisdiction had already recorded six captive formations, the same number for the entire of last year, leading to a 12.8 per cent increase to US$288 million in gross written premiums in June 2019, compared with US$255 million in the same period last year.
"We are honoured that our efforts in advancing awareness and growth of the captive insurance industry in the region has not gone unnoticed but more importantly, we are grateful to all our Labuan captives' owners and service providers, both of which are key elements of our thriving ecosystem. It is the collective effort of all in the industry that has enabled this win," Farah added.
She went on to say that such a specialist area of insurance like captives, can only thrive with a strong and deep ecosystem, to support it. As one of Asia's fastest growing reinsurance hubs, Labuan IBFC is an ideal location for captive formations for this very reason, of course support from the banking and corporate secretarial service providers adds to the benefits of setting up in the...