Insurance
The continuous growth of Asia’s (re)insurance markets has made Labuan IBFC as a jurisdiction of choice for insurers and insurance intermediaries. The strategic location of Labuan IBFC had attracted more than 200 (re)insurers and insurance intermediaries from South East and Far East Asia, America and Caribbean, Middle East and Africa.
The Labuan insurance industry comprises (re)insurers and captive insurers which underwrite either general (re)insurance business, particularly fire, engineering, and large and specialised risk such as aviation and liability risks; or life business. The Labuan captives have grown to become a prominent business sector in the Centre. Myriads of business structures exist for captive business which ranges from single or group captive to rent-a-captives.
The supply chain of the market is facilitated by insurance intermediaries which consist of insurance brokers, as well as insurance and underwriting manager. Whilst the former serves as a traditional distribution channel for (re)insurance, the latter two licensees provide essential backroom and specialised support for (re)insurers which prefers optimal and efficient business operation setups in the Centre.
Similar to Labuan banking, Labuan (re)insurance comprises both conventional insurance and the shariah compliant, takaful business. For the latter, takaful windows or operators are required to have an internal Shariah advisory board to ensure the continual shariah compliance of their business operations.
The Labuan insurance industry comprises (re)insurers and captive insurers which underwrite either general (re)insurance business, particularly fire, engineering, and large and specialised risk such as aviation and liability risks; or life business. The Labuan captives have grown to become a prominent business sector in the Centre. Myriads of business structures exist for captive business which ranges from single or group captive to rent-a-captives.
The supply chain of the market is facilitated by insurance intermediaries which consist of insurance brokers, as well as insurance and underwriting manager. Whilst the former serves as a traditional distribution channel for (re)insurance, the latter two licensees provide essential backroom and specialised support for (re)insurers which prefers optimal and efficient business operation setups in the Centre.
Similar to Labuan banking, Labuan (re)insurance comprises both conventional insurance and the shariah compliant, takaful business. For the latter, takaful windows or operators are required to have an internal Shariah advisory board to ensure the continual shariah compliance of their business operations.
