Steering the risk journey in an ever-shifting captive landscape
KUALA LUMPUR, Malaysia, Sept. 8, 2023 /PRNewswire/ — The Asian Captive Conference (ACC) 2023, jointly co-hosted by Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.) and Labuan International Insurance Association (LIIA), was held today at the Sime Darby Convention Centre. The symposium witnessed the participation of more than 300 stakeholders comprising regulators, insurance professionals, investors and professional service providers from the global captive industry as well as representatives from government agencies and the media.
The involvement of more than 25 sponsors and partners served to highlight that the conference was indeed the flagship event for the captive space.
Seven informative sessions captained by industry leaders across various fields concluded that captives continue to play a crucial and ever-evolving role in enabling businesses to mitigate the spectrum of existing and emerging risks against prevailing economic conditions.
Delivering the welcoming remarks, Labuan IBFC Inc.’s Executive Chairman cum CEO, Datuk Iskandar Mohd Nuli underlined Labuan IBFC’s position as the leading captive domicile in the region, highlighting the jurisdiction’s adherence to International Association of Insurance Supervisors core principles and functionality as a cost-efficient operating base. He also underscored the significance of the conference in the global captive calendar, stating “We hope that the ACC 2023 will serve as a platform to better understand the current captive industry as well as to identify industry trends, highlight challenges and opportunities unique to the captive markets.”
The keynote address was presented by Yang Berusaha Encik Nik Mohamed Din Nik Musa, Director General, Labuan Financial Services Authority (Labuan FSA). In his speech, he highlighted Labuan IBFC’s well-regulated business environment as a key success factor to the sustained growth of the jurisdiction. He further commented, “Labuan FSA will formulate omnibus captive policies, carry out targeted marketing promotion and forge new partnerships with other global insurance markets to build on the jurisdiction’s existing strength as a leading captive centre.”
The conference kicked off with a presentation on the business and strategic risks present in self-insurance, and the mitigating measures. This was followed a robust panel discussion on how IFRS 17 regulations affect the captive industry, from mapping out the scope involved through the actual implementation. Next was a dialogue on the connectivity between risk and self-insurance, and on the use of captives to manage digital risks as well as the viability of captives to manage emerging risks in cyber and employee benefits.
The conference continued with a presentation by Labuan FSA on its newly revised captive guidelines, with provisioning for indirect insurable interest risks and the establishment of a cell via notification. The revision also featured the external rent-a-captive, a new addition to Labuan IBFC’s captive offerings.
The highpoints of this year’s ACC were two dedicated tutorials targeted separately at newcomers to the captive scene and experienced captive professionals. The basic session reintroduced captives and addressed captive-related concerns for everyone’s benefit while the advanced session highlighted the associated benefits and challenges of managing a captive.
The ACC 2023 closed with a discussion on the function of captives to mitigate risks associated with Environmental, Sustainability and Governance (ESG). Panellists also debated on the role of parametric insurance as a catalyst in this process and its unique functionality in addressing company-wide ESG and reputational risk concerns.
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SOURCE Labuan IBFC
