KUALA LUMPUR, October 13 – The Asian Captive Conference (ACC) 2023, co-hosted by Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.) and Labuan International Insurance Association (LIIA), took place at the Sime Darby Convention Centre, bringing together over 300 stakeholders from the global captive industry, including regulators, insurance professionals, investors, and professional service providers. With the support of more than 25 sponsors and partners, ACC 2023 solidified its position as a flagship event in the captive space, serving as a platform for insightful discussions on self-insurance and emerging risks in the ever-evolving insurance landscape.
In his welcoming remarks, Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., emphasized Labuan IBFC’s role as the leading captive domicile in the region. He highlighted the jurisdiction’s adherence to international standards and cost-efficiency as key factors contributing to its success. He also stressed the importance of ACC 2023 as a platform to understand the current captive industry, identify trends, and address unique challenges and opportunities. The keynote address by Encik Nik Mohamed Din Nik Musa, Director General of Labuan Financial Services Authority (Labuan FSA), shed light on Labuan IBFC’s well-regulated business environment as a key factor driving its sustained growth.
He announced Labuan FSA’s plans to formulate omnibus captive policies, engage in targeted marketing promotions, and establish partnerships with global insurance markets to strengthen its position as a leading captive center.ACC 2023 featured seven informative sessions, each led by industry leaders. These sessions explored the critical role captives play in helping businesses mitigate a wide range of risks amid changing economic conditions. The conference began with a presentation on the business and strategic risks associated with self-insurance, followed by a panel discussion on how IFRS 17 regulations impact the captive industry, covering the scope and implementation.
The importance of the connection between risk and self-insurance was the focus of one session, addressing the use of captives to manage digital risks and emerging risks in cyber and employee benefits. Labuan FSA presented its newly revised captive guidelines, which included provisions for indirect insurable interest risks and introduced the concept of an external rent-a-captive, enhancing Labuan IBFC’s captive offerings.
The ACC 2023 also featured two dedicated tutorials, one for newcomers to the captive industry, reintroducing key concepts, and another for experienced professionals, delving into the benefits and challenges of managing a captive. The conference concluded with a discussion on captives’ role in mitigating risks related to Environmental, Sustainability, and Governance (ESG). Panelists debated the role of parametric insurance as a catalyst in addressing company-wide ESG and reputational risk concerns. ACC 2023 served as a platform for valuable insights into self-insurance and the evolving landscape of risks in the insurance industry, emphasizing Labuan IBFC’s pivotal role in the global captive market.
