Captive Insurance Shines at Asian Captive Conference 2024 in Kuala Lumpur

The Asian Captive Conference (ACC) 2024, held earlier this month at the Sime Darby Convention Centre in Kuala Lumpur, brought together over 200 attendees, including regulators, insurers, and industry professionals from across the global captive insurance sector. The event was cohosted by Labuan International Business and Financial Center Incorporated Sdn Bhd (Labuan IBFC Inc.) and the Labuan International Insurance Association (LIIA).

The conference was marked by six key sessions, which focused on the importance of captives in mitigating both traditional and emerging risks in an unpredictable global economy. Among the speakers was Datuk Iskandar Mohd Nuli, executive chairman and CEO of Labuan IBFC Inc., who emphasized the region's leadership in captive insurance. He said, "The ACC 2024 is designed to provide industry professionals with valuable insights and resources to excel in the captive industry."

Labuan Financial Services Authority (Labuan FSA) Director-General Nik Mohamed Din Nik Musa also addressed the conference, highlighting the increasing role of captives in managing corporate risk. He pointed to the growing complexity of the captive structures approved under Labuan FSA's guidelines, stating, "This reflects Labuan FSA's recognition of Labuan captive sector's growing maturity and higher technical capabilities to underwrite more complex risks."

The sessions covered a variety of topics, including the impact of Organization for Economic Cooperation and Development (OECD) Base Erosion and Profit Shifting Project (BEPS) 2.0 rules, global reporting standards, and the strategic use of captives for managing capital expenses. The event also featured panels on employee benefit management and technological advancements in the captive industry.

ACC 2024 concluded with a session exploring the intersection of the digital economy and artificial intelligence with captive insurance. Annie Undikai, chairperson of the LIIA, delivered closing remarks, and the next ACC is scheduled for 2026.

Pictured above, Datuk Iskandar Mohd Nuli, executive chairman and CEO of Labuan IBFC Inc., welcomes Asian Captive Conference 2024 attendees. (Courtesy photo.)