Guiding risk management in a continually changing captive insurance environment
KUALA LUMPUR, Malaysia, Sept. 20, 2024 /PRNewswire/ -- The Asian Captive Conference (ACC) 2024, co-hosted by Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.) and the Labuan International Insurance Association (LIIA), took place yesterday at the Sime Darby Convention Centre. The event saw over 200 attendees, including regulators from Cambodia, Hong Kong (China) and India's insurance industry; professionals, investors and service providers from the global captive industry; representatives from government agencies and the media.
The involvement of more than 20 sponsors and partners highlighted that the conference was the flagship event for the captive space.
Six 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, Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., emphasised Labuan IBFC's status as the premier captive domicile in the region. He highlighted the numerous awards garnered, which underlines Labuan IBFC's position as the preferred jurisdiction for captives in both Europe and Asia. Datuk Iskandar also stressed the conference's importance in the global captive calendar, stating, "The ACC 2024 is designed to provide industry professionals with valuable insights and resources to excel in the captive industry as well as foster growth and innovation across the region."
The keynote address was presented by Mr. Nik Mohamed Din Nik Musa, Director General, Labuan Financial Services Authority (Labuan FSA). In his speech, he highlighted the importance of regulations evolving parallel with corporates' increasing insurance demands for alternative risk management vehicles. He further commented, "The captive omnibus guidelines issued by Labuan FSA has resulted in more innovative applications of Labuan captive structures. This reflects Labuan FSA's recognition of Labuan captive sector's growing maturity and higher technical capabilities to underwrite more complex risks."
ACC 2024 began with a presentation and panel on how captive insurance fits into the new OECD BEPS 2.0 rules. It also covered global reporting, the strategic value of captives, and new ways to use them for managing capital expenses. This was followed a discussion comparing top captive insurance locations, examining their features, regulations, and benefits, and exploring ways to improve risk management and insurance.
After lunch, a panel discussed using captives for managing employee benefits, focusing on better control, cost reduction, and improved data management.
In the afternoon, two concurrent breakout sessions were held: Captive 101 for newcomers to the field and Advanced Captive for seasoned practitioners. These sessions were tailored to meet the needs of both newcomers and seasoned professionals in the captive insurance industry.
ACC 2024 ended with an engaging panel discussion on using technology to enhance captive insurance products and a deep dive into how the digital economy and artificial intelligence intersect. Ms. Annie Undikai, Chairwoman of the LIIA, gave the closing remarks.
Click here for event content. The next ACC will be held in 2026.
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