Labuan added eight new captives to its stable in 2023, taking the total number domiciled in the jurisdiction to 69.
Most of these were established by small and medium enterprises to underwrite comprehensive general and contractual liability, as well as cyber risks.
Two of the new captives were association captives which were established to underwrite their members’ risks.
At the end of 2023, Labuan’s 69 captives included 39 pure captives, 17 rent-a-captives and 15 protected cell companies (PCC).
Labuan also had 26 cells at the end of 2023, an increase of two from the previous year.
In 2023, Labuan saw a 9.4% growth in total gross premiums to $624.6m, compared to $570.9m in 2022.
Labuan captive premium volume now contributes 34.7% of the total general industry premiums.