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Six New Captive Insurers Added in Asia in 2016

2017-02-20

Author:Editorial Team

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       Asia's captive insurance market is mainly composed of Singapore,Labuan, Micronesia and Hong Kong, with 6 new captive insurers added in 2016.

        Singapore retained its position as Asia's largest captive domicile, adding 3 captive insurers during the year.As of 31 December 2016, there were 71 active captive insurers, all of them single-parent captives.

        The Labuan International Business and Financial Centre in Malaysia added 2 pure captives and 2 protected cell captives (PCCs) in 2016, while 1 captive exited the market. As of the end of 2016 there were 39 registered captives in total, comprising 29 pure captives, 6 rent-a-captives and 4 protected cell captives.

        Micronesia added one pure captive in 2016. As of the end of 2016, there were 19 captive insurers, mainly Japanese companies, all of them 3rd-tier captives similar in form to cell captives in other domiciles.

        Hong Kong registered no new captives in 2016; to date it has 3 captive insurers, all Chinese enterprises.