Globalisation brings more and more transparency, particularly in the fast moving risk management arena. The use of captives has, until now, been the domain of Western corporations. But now Asia wants to catch up.
The development of captives has been a relatively recent development—given insurance started in a London coffee shop some 400 years ago.
Corporates in Asia are challenging the traditional and looking for alternatives to the risk transfer–based insurance policy. In many cases they have assets across the world and are now waking up to the advantage of using a captive.
At Willis we see enquiries, every day, asking if we can help. Working with our colleagues in Asia we are answering these queries. A prediction is that the Asian market will not only catch up with the West but overtake and disappear into the distance.