2023 Asian Captive Conference closes

The Asian Captive Conference (ACC) 2023, jointly co-hosted by Labuan IBFC Incorporated and Labuan International Insurance Association (LIIA), has taken place in Kuala Lumpur, Malaysia.

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.

According to the organisers 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's executive chairman and chief executive 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.”