By Sim YH –
BANDAR SERI BEGAWAN, NOV 27 – The insurance industry needs to be more resilient in the face of changes in risk exposure including natural disasters.
The sector needs to be equipped to deal with the challenges and complexities of the current and future landscape. At the same time, the industry should set the highest integrity and standards, transparency and inclusiveness, remain responsive to emerging risks and technological advances that drive sustainable development.
The call was made by the Deputy Minister of Finance and Economy (Economy), Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid as Chairman of the Board of Directors of Brunei Darussalam Central Bank (BDCB) in his keynote speech at the Opening of the Meeting ASEAN Insurance Regulators’ Meeting (AIRM) 27th and Meeting ASEAN Insurance Council (AIC) 50th held at The Empire Brunei, today.
He also shared the impact of increasingly significant issues including digitization, technological disruption and cyber security risks.
Meanwhile, Dato Seri Paduka Haji Khairuddin emphasized the importance of cooperation between the regulator and the insurance and takaful industry to achieve a balance of continuous innovation and resilience of the insurance industry in the region while maintaining consumer protection.
Brunei Darussalam hosted the 27th AIRM Meeting and the 50th AIC Meeting with the theme Linking Innovation and Resilience in ASEAN Insurance Landscape.
The 27th AIRM brought together 69 delegates from ASEAN insurance and takaful regulatory agencies as well as the ASEAN Secretariat and ASEAN Insurance Training and Research Institute (AITRI), while the 50th AIC Meeting was attended by 135 delegates from insurance associations and organizations of ASEAN countries.
AIRM serves as a platform to strengthen insurance cooperation in the development of insurance regulatory and supervisory frameworks as well as research and capacity building through AITRI.
The event brought together insurance regulators from 10 ASEAN member countries to discuss key issues towards the development and strengthening of the insurance and takaful industry in the region.
Meanwhile, the AIC meeting aims to foster cooperation and development between insurance markets in the ASEAN region. Held concurrently with AIRM, the AIC meeting serves as a forum for industry leaders from ASEAN member countries to interact and share knowledge and expertise in various fields.
A number of working committee meetings established as part of AIC’s main operations were also held yesterday, including Council of Bureau, ASEAN Reinsurance Committee, ASEAN Health and Medical Insurance Committee, ASEAN Cross-Sectoral Coordination Committee on Disaster Risk Financing Insurance Meeting, ASEAN Insurance Education Committee, ASEAN Natural Disaster Research and Works Sharing and ASEAN Takaful/Retakaful Working Committee.
Throughout the week, a number of insurance industry-related events will also be held, culminating in a joint plenary meeting between AIRM and AIC. The plenary meeting involved discussions to shape the future development of insurance in each country and throughout the ASEAN region.