Kuala Lumpur, 25 May 2021 – Labuan IBFC Inc. CEO, Farah Jaafar, has placed in the top 40 of the annual global Captive Review Power 50 list. The list was announced during a virtual event last Thursday. Ms Jaafar is also the only captive insurance professional from Asia to be named in the list.

The Captive Review Power 50 is an annual list of the 50 most influential captive insurance professionals and honours captive professionals that excelled in 2020, who are champions of the captive insurance industry and have shown excellence over the past year.

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 best of the captive industry. Nomination and voting was conducted over the course of months, and this list is recognised as the global “gold standard” of captive practitioners.

Ms Jaafar commented: "It's an honour to be included in the Power 50 list which recognises the most influential professionals in the global captive insurance industry. Being in the top 40 is testament to Labuan IBFC’s leading insurance industry expertise and captive specialisation as well as the jurisdiction’s continuing position as the fastest growing captive domicile Asia."

Under her stewardship, Labuan International Business and Financial Centre (Labuan IBFC) has won Best Asian Domicile for two years in a row at the Asian Captive Review Awards in 2018 and 2019, recognised as Captive Insurance Jurisdiction of the Year at the China Offshore Awards in 2018 and 2019. In addition Labuan IBFC has also been shortlisted in the non-EU jurisdiction category in the European & UK Captive Review Awards 2018. The jurisdiction was also shortlisted for ‘International Domicile of the Year’ by Captive Review in 2020.

2020 was a boon year for Labuan captive business with 8 new captives formed, totaling 55 captives now licensed by the jurisdiction. This was the highest number of captives formed in both Asia and MENA in 2020. Labuan IBFC, is also the only jurisdiction in Asia which 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 already accounts for 31.2% of the total gross premiums underwritten in Labuan IBFC amounting to USD497.5 mil, with 65.4% of the total premiums originating from international markets.

Captives are self-insurance strategic risk management vehicles licensed as reinsurance companies allowing for captives to have direct access to the reinsurance market, providing it the ability to reduce the cost of risk coverage whilst simultaneously facilitating a holistic risk management strategy for the entire organisation.

For more information on Labuan IBFC, log on to www.labuanibfc.com.