Labuan IBFC CEO named in Captive Review Power 50 list

TheEdge Tue, May 25, 2021 10:10pm - 2 years View Original


LABUAN (May 25): Labuan International Business and Financial Centre Inc (Labuan IBFC) chief executive officer Farah Jaafar has been named as one of the top 40 in the annual global Captive Review Power 50 list. 

The list was announced during a virtual event on May 20, 2021, and Farah was the sole captive insurance professional from Asia on the list. 

“Being in the top 40 is testament to Labuan IBFC’s industry expertise and captive specialisation and its position as the fastest-growing captive domicile in Asia,” she said in a statement to Bernama today. 

The Captive Review Power 50 is an annual list of the 50 most influential captive insurance professionals and is recognised as the global “gold standard” for captive practitioners. 

The list is based on votes cast by close to 20,000 professionals in the captive insurance industry, with entrants from around the world representing the best of the captive insurance industry. 

Captives are self-insurance strategic risk management vehicles licensed as reinsurance companies.

These companies are allowed direct access to the reinsurance market, providing it with the ability to reduce the cost of risk coverage, while simultaneously facilitating a holistic risk management strategy for the entire organisation.

Under Farah’s stewardship, Labuan IBFC had won Best Asian Domicile for two consecutive years at the Asian Captive Review Awards in 2018 and 2019.

It was also recognised as the Captive Insurance Jurisdiction of the Year at the China Offshore Awards in 2018 and 2019. 

In addition, Labuan IBFC had been shortlisted in the non-European Union jurisdiction category in the Europe and United Kingdom Captive Review Awards 2018. 

Last year, Labuan's captive business grew with eight new captives formed. In total, 55 captives had been licensed by the jurisdiction. 

This accounted for the highest number of captives formed in Asia, the Middle East and North Africa regions in 2020. 

Labuan IBFC is also the only jurisdiction in Asia that provides for the protected cell company (PCC) structure, with more than 10 PCCs licensed to date.

In terms of gross written premiums, Labuan’s captive insurance business accounts for 31.2% of the total gross premiums underwritten in Labuan IBFC, amounting to US$497.5 million (US$1=RM4.14), with 65.4% of the total premiums originating from international markets. 

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