SINGAPORE—Growing risk awareness in Asia is expected to spur the growth of captive insurers there, a Singapore regulator claims.

 

Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore, said during an industry conference late last week in Singapore that risk management is taking hold in Asia. “The level of risk management sophistication is still at a relatively nascent stage of development,” he said in a text of his speech made available by the authority. “In this regard, the growth of captives will likely see further growth impetus in Asia as a growing risk culture takes root.”

 

Speaking at the Second Asia Pacific Rendezvous sponsored by Captive & ART Review, Mr. Ong referred to a 2007 report by Aon Corp. that he said shows a huge potential for captive growth in Asia. In China, for example, none of the 20 large companies mentioned in the report have captives, and only 23 of the 70 Japanese companies listed own captives, he pointed out.

 

“Hence, as Asia is poised to embrace more sophisticated risk management solutions, captive insurance will have a role to play,” said Mr. Ong.

 

(발췌 : businessinsurance.com)