As we kick off the last quarter of 2019, it's a pleasure to note that Labuan IBFC has continued to grow during the first half of the year with the banking sector recording a 23% increase in total deposits now amounting USD10 billion via the 55 banks licensed; clearly a sign of confidence in the jurisdiction.
In insurance, we are now home to 217 licensees which collectively reported a higher retention ratio of 64.5% compared to 59.1% year on year. With foreign premiums standing close to 60%, these numbers simply reinforces Labuan IBFC's role in the Asian risk management landscape. For more details read the exclusive interview with Labuan FSA's Director General, Danial Mah Abdullah.
We are on the road again, this time back again in Singapore for the Asian Captive Summit 2019 and the Asian Captive Awards ceremony. It's great to have a strong cohort of Labuan intermediaries nominated for the awards, so watch this space! Changing tack, we will then be at the World Blockchain Summit Dubai, then back in Singapore for the 16th Singapore International Reinsurance Conference.
Until next time, hope you enjoy this edition!
Chief Executive Officer, Labuan IBFC Inc
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