Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.) will co-host the ASIAN CAPTIVE CONFERENCE (ACC) 2023 with Labuan International Insurance Association (LIIA) on 7 September 2023 at the Sime Darby Convention Centre in Kuala Lumpur, Malaysia. Themed The Connected Risk Journey in Self-Insurance, this in-person conference aims to help professionals navigate their risk journey at critical touchpoints in the ever-shifting risk landscape.
This conference will provide a platform for stakeholders across all segments in the global captive market. Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. will deliver the welcome address while En. Nik Mohamed Din Nik Musa, Director General of Labuan Financial Services Authority (Labuan FSA) will officiate the ceremony.
As at December 2022, the Labuan captive industry recorded total gross premiums of USD570.9 million, with the market expanding at an average rate of 10.7% per annum. More than 62% of the premiums were generated from the international insurance business. The industry also registered 67 captives as at end-2022, which include the subsidiaries of established global companies.
These achievements highlight Labuan IBFC’s prominence as a leading captive hub. As such, Labuan IBFC and LIIA felt it was of utmost importance to host the ACC 2023 to mark the accomplishments and to further advance captive space through the robust exchange of ideas and opinions, as well as the sharing of challenges, rewards and trends between segments and individuals operating in this space.
ACC 2023 will kick off with a presentation on the business and strategic risks present in self-insurance, and the mitigating measures. The second item on the agenda will be a panel discussion on the impact of IFRS 17 on the captive industry, in terms of scope and applicability, measurement and recognition, financial statements presentation, transition and finally implementation.
This will be followed by a dialogue outlining how the risks in self-insurance are interlinked, and on the usage of captives to manage digital risks as well as emerging risks in cyber and employee benefits.
ACC 2023 will then continue post lunch with a briefing on the newly revised Labuan IBFC captive guidelines by Labuan Financial Services Authority. Subsequently, the programme will move to two break-out sessions in the afternoon, Captive 101 and Advanced Captive which will be conducted simultaneously to cater separately to both new and experienced captive practitioners.
The conference will close with a panel that will examine captives’ ability to reduce risks under the ESG umbrella, and the role of parametric insurance in facilitating this process.
Principal RE Limited and Sterling Insurance Brokers Sdn Bhd are the joint platinum sponsors for the ACC 2023, while AXA XL is the gold sponsor. The list of sponsors, supporting and media partners as well as other information can be accessed here.
Contact the event committee at +603 2773 8977 or email [email protected] to register.