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KUALA LUMPUR: Labuan International Labuan Financial and Trade Center (Labuan IBFC) continued to meet the region's growing insurance needs, with gross written premiums increasing by 2.2% to 1, 4 billion US dollars. 63.2% were held at Labuan, mainly through general reinsurance and captive premiums of US $ 943 million and US $ 361 million respectively.
"In 2017, there were 14 new insurance and insurance schemes in Labuan IBFC," he said in a statement yesterday.
The contribution of foreign firms has increased to 60, 9 percent and it remained an important part of Labuan's insurance business business cake.
Fire insurance maintained its dominant position with 36.7% of total premiums
"The underwriting margin was $ 491.9 million due to the increase in catastrophe-related claims during the year, which pushed De this fact, the overall profitability of the industry is set at 170 million dollars in 2017, against 387.3 million dollars a year earlier, "he added.
The financial base of the sector remained healthy and stable with a high solvency margin five times higher than regulatory requirements, the group added. – Bernama
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