KUALA LUMPUR, May 16 (Bernama) — RAM Rating Services Berhad (RAM Ratings), Malaysia’s premier rating agency, and Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), the official marketing agency for Labuan International Business and Financial Centre (Labuan IBFC) yesterday hosted an event on self-insurance structures and solutions in Labuan IBFC, Asia’s premier international financial hub. Titled Setting Up a Labuan Captive for Self-Insurance, the event matched delegates from corporates in Malaysia and representatives of the jurisdiction to discover the advantages of captive incorporation in Labuan IBFC.
In his welcome address, Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. highlighted the potential of Labuan captives as an effective and cost-effective risk management tool. “Captive insurance is well-positioned to cater for the changing operating landscape by providing tailor-made insurance policies, while having direct access to the global wholesale reinsurance market to meet non-conventional risks,” Datuk Iskandar elaborated. Labuan IBFC’s captive market began with Malaysian-based corporates, with the market registering USD624.6 million in total gross premiums in 2023, an all-time high premium volume recorded over the last five years. Today, the jurisdiction hosts over 69 captives, underscoring its position as a leading captive hub in the Asian region.
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