Wednesday, September 20, 2017

Harness captives responsibly, says Bank Negara governor

The captive insurance market is showing potential that should be harnessed responsibly and thoughtfully, said Bank Negara Malaysia governor Muhammad Ibrahim during the Asian Captive Conference 2017 in Kuala Lumpur.

He said the overlapping markets of the mutual, captive and takaful industries are likely to provide an important impetus for the wider use of group captives among mid-sized and smaller firms.

Asia, he added, is especially well-placed to harness the potential, given the vibrancy of SMEs and the fast growing takaful market.

Citing a recent study, Ibrahim said in Asia Pacific, there are now twice as many SMEs that worry about cybercrime, fire, technological vulnerabilities, health and safety of customers or employees, and corruption compared to four years ago.

He said captives must be seen as supporting and contributing to the broader economic transformation and growth.

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