Last November, Tokyo played host to the 2024 Japan Captive Seminars, which saw members of the Hawai‘i Captive Insurance Council and the Department of Commerce and Consumer Affairs Insurance Division come together for what was a crucial gathering for professionals in the captive insurance industry. According to a report by the Office of the Governor, the event, taking place on the 19th and 20th, drew nearly 400 attendees including Japanese companies and industry service providers. Over the course of two days, a series of educational sessions were held to cover the essentials of captive insurance and risk management, with seasoned pros from the U.S. and Japan sharing their expertise and experience in establishing captives in Hawai‘i.
At the seminars, the Department of Commerce and Consumer Affairs Insurance Division not only talked about Hawai‘i’s role in the insurance industry but also met one-on-one with potential and current captive insurance companies. Hawai‘i is home to 44 captive insurance companies owned by Japanese firms, which performed well, generating over $1.1 billion in premiums in 2023. This activity brought more than $1.5 million in benefits to Hawai‘i. Additionally, over $209.4 million in capital from these companies is managed by Hawai‘i-based financial institutions. The Office of the Governor's emphasized that these seminars strengthen the long relationship between Hawai‘i and Japan.
Japan and Hawai‘i have a strong connection through shared culture and close geography, which supports business partnerships. Hawai‘i’s accessibility and cultural diversity make it a great place for collaboration. As discussed in a seminar in Tokyo, Hawai‘i is not just a tourist spot but also a key partner for Japanese companies, offering innovative insurance solutions to help both economies grow together, as per the Office of the Governor.
