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Aug 2022

Malaysia: Labuan financial centre licenses eight captive insurers in 2020

Source: Asia Insurance Review | May 2021

Labuan International Business and Financial Centre (Labuan IBFC) charted strong captive growth in 2020, with its total number of captives increasing by 15.4% over 2019, according to trade publication, Captive Review, which recently released its World Domicile Update 2020.
 
Last year, Labuan IBFC licensed eight captives – accounting for a quarter of all captives in Asia and the Middle East.
 
Looking ahead, bolstered by renewed growth of Asian economies, a hardening reinsurance market, the need to cover more esoteric risk like cyber, greater awareness of self-insurance vehicles and recognition of Labuan IBFC as a key jurisdiction for these vehicles, Labuan IBFC CEO Farah Jaafar-Crossby expects growth this year to exceed that of last year.
 
Labuan IBFC, which celebrated its 30th year of establishment in 2020, has more than 800 licensed financial intermediating entities including banks, insurance and insurance-related entities, corporate service providers, wealth management vehicles and digital financial service providers. A 
 
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