Japanese tax regulations and a heightened sophistication on the part of the country's risk managers have led to a steadily growing trend of Japanese captive formations–many in the growing domicile of Hawaii, the state's captive regulator says.
A growing interest in more creative insurance and alternative risk-financing options in Japan prompted the Risk and Insurance Management Society to add a chapter in the country. Also this year, a track for Japanese insurance buyers that includes captives has been added to the RIMS annual conference program in Honolulu later this month, noted Craig Watanabe, captive insurance administrator for the State of Hawaii's Insurance Division.
Over the last 10 years, the Japanese insurance market has been playing catch-up, he explained. “They had a closed market where foreign carriers weren't allowed in the early 1990s,” he said, noting that recent deregulation of the financial services sector in Japan has allowed foreign carriers and given corporate insurance buyers more choices.
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