Labuan IBFC honored at European Captive Awards 2023
Labuan International Business and Financial Centre (Labuan IBFC) was honored with the Highly Commended recognition in the International Captive Domicile category at the 2023 European Captive Review Awards. These awards, hosted by Captive Review, a prominent global captive publication, acknowledge and honor excellence in captive insurance and risk management. The annual event serves as a platform for domiciles, service providers, captive owners, and industry participants to highlight their accomplishments and significant contributions within the field.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. Sdn Bhd, remarked that the award serves as validation for Labuan IBFC's position as the favored captive domicile. Despite a challenging market, Labuan captives have sustained growth, accumulating gross premiums of USD1.1 billion by the second quarter of 2023. More than 60% of these premiums originated from the international insurance business. The industry has also welcomed 71 captives, including subsidiaries of well-established global corporations. These achievements underscore Labuan IBFC's role as a premier captive hub, aligning with its Strategic Roadmap's objective to evolve the domicile into a self-insurance center.
Datuk Iskandar also highlighted the success of the Asian Captive Conference in 2023, which attracted nearly 300 global captive stakeholders, backed by 25 partners and sponsors. He expressed gratitude for the support received from the Labuan ecosystem in promoting awareness and fostering the growth of the captive insurance industry.