The Asian Captive Conference Returns for Its Second Year
Labuan IBFC and LIIA will be jointly hosting the ACC 2018 again and hopes to attract more participation across the Asian region
Kuala Lumpur, 25 April 2018 – The Labuan International Business and Financial Centre (Labuan IBFC) and Labuan International Insurance Association (LIIA) announced that they will be jointly organising the Asian Captive Conference again this year and are encouraging more participation from the risk-related and risk management industries across the Asian region. The conference will be held on August 1 and 2 in Kuala Lumpur.
“We are excited to organise the Asian Captive Conference 2018 (ACC 2018) again and we hope to see more delegates from the Asian region especially when the conference is a platform dedicated to the development of the self-insurance industry in the region,” said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc.
She added, “The self-insurance sector is a niche market and we believe that there is a huge potential for structures such as captives and protected cell companies as a self-insurance tool, to grow in this region, especially with the ever-evolving risk landscape in the region.
“The captive insurance concept is nascent in Asia but unknown to many in the region, the concept has been used as a risk management tool for decades, starting in the 1950s in the United States. Indeed, the return of ACC 2018 is testament to Labuan IBFC’s efforts to continue to build understanding among Asian corporations, on the need and benefits this risk management tool.”
Farah explained that it is important to also appreciate that self-insurance is not just for big corporations, indeed she said it is a suitable solution for medium-sized business, or even groupings with shared interest, for example a group of professionals such as lawyers, medical practitioners etc., where there are advantages and cost-efficiency to be had in the pooling of risk.
“Captive insurance is a unique concept and it can be structured according to the needs of the business or indeed the idiosyncratic demands of the risk being mitigated. Indeed, Labuan IBFC offers a wide range of self-insurance solutions include group or association captives, which much like the protected cell companies, is unique to Labuan IBFC,” she added.
“For instance, tech startups that often have unique business models and risk profiles – with very much of their competitive edge stemming from concepts and technologies that are new to the market – their unique risks can be tailored underwritten by setting up a group or association captive and this could be used alongside with the traditional insurance approach,” explained Farah.
The Labuan International Insurance Association Chairman, Raymond Wong Shu Yoon said, “We are pleased and honoured to have Labuan IBFC as a partner for this event again and we are definitely excited to see the turn out for this year and we hope to receive a positive response from the industry players in the Asian region.”
“We are optimistic and passionate about the growth of the captive insurance market in Asia and we hope that through initiatives such as hosting the ACC 2018, risk managers and practitioners alike will have a better understanding of the benefits of using captive insurance as an alternative risk management and mitigation tool,” added Wong.
Themed Challenges of Self-Insurance: Transparency and Digital Disruptions, the ACC 2018 aims to highlight the challenges and disruptors risk managers are facing from technology, which is fast changing their respective business models while meeting the growing demands of tax transparency and substance brought by multilateral organisations and regulators.
Among the highlights of the event is the inaugural Asia Captive Review Awards 2018 which will be hosted by Captive Review at the Le Meridien Hotel, Kuala Lumpur. The Asia Captive Review Awards will recognise and reward those providers of captive insurance products and services, from across Asia, who have outperformed their competitors and demonstrated the highest levels of excellence over the past 12 months.
The ACC 2018 features sponsors and supporting partners such as XL Catlin, Brighton Management Limited, Labuan Insurance Management Services Limited, Pan-Asia Risk and Insurance Management Association (PARIMA), Catastrophe and Risk Management in ASEAN (CARMA), Captive Review, Asia Insurance Review, Insurance Asia News and others.
The event is open to all business owners, captains of industry, leaders of global corporations, corporate advisers and risk management professionals. Registration fee starts at RM300.
For more information about ACC 2018 and to register, please visit: www.theasiancaptiveconference.com