We have just returned from China where we jointly hosted – with our Willis China colleagues – a seminar focusing on captives.
Our initial thoughts were that we may get 30 attendees. Imagine our surprise when 150 delegates attended. In addition, the event was covered by the press and local TV.
There is huge interest from all sectors as the companies see a captive as a potential solution within an integrated risk management solution. These organisations, along with academics, are applying pressure on the authorities to try and ensure the regulatory framework is “fit for purpose” and market leading—failure to do so will see other domiciles take market share.
The potential to create a new global insurance centre is enormous. Remember both London and Bermuda can see their origins as captive (or similar) centres.
Maybe the Chinese captive dragon has finally woken up.