Asia Pacific’s largest captive domiciles, Labuan and Singapore, added eight new captives between them in 2022, with Labuan adding five new captives and Singapore licensing three last year.
The number of captives domiciled in Labuan at the end of 2022 was 67, while the total number of captives in Singapore at the end of 2022 was 82.
At the end of 2022, Singapore had one life captive insurer, 77 general captive insurers, and four composite captive insurers.
All three of Singapore’s new captives in 2022 were general captive insurers.
Captive Intelligence reported last month that Singapore-domiciled Odeon Insurance Re Pte Ltd had become the first Asian captive to become a signatory of the United Nations Principles for Sustainable Insurance.
At the end of 2022, Labuan’s 67 captives included 39 pure captives, 15 rent-a-captives and 13 protected cell companies (PCC).
Labuan also had 24 individual cells at the end of 2022.
One captive domiciled in Labuan surrendered its licence in 2022, while Singapore had surrendered five captive licences in 2022.