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While the rest of the world turned in lacklustre numbers in 2008, Labuan IBFC managed a sterling performance with growth of 11.8% in total gross insurance premiums. This was the first time in the history of the IBFC that the premiums exceeded USD1 billion and demonstrates the sector’s strength. Interestingly, non-Malaysian premiums accounted for a higher share of the business (at 57%) which is in keeping with the aim to encourage more out-out business in Labuan IBFC.
A milestone for the business occurred on February 11th, 2009 as the date of the new Labuan laws coming into force. The previous insurance law is now part of the Labuan Financial Services and Securities Act 2009 under which a Labuan insurance broker’s licence has been widened to include financial planning activities. Furthermore, Labuan insurers no longer need to have resident Labuan directors nor be a member of a recognised insurance association. This increase in scope and liberalisation will be enhanced in 2011 with the expected permission for insurance entities to co-locate in Malaysia other than in Labuan.
With over 140 insurance and insurance-related licences having been granted in Labuan IBFC, including in life insurance, general insurance, composite insurance, reinsurance, captive insurance, insurance management, underwriting management and broking, the industry’s prospects are sparkling.