Press Releases
|Published Date: 27-11-2024
27th ASEAN Insurance Regulators’ Meeting & 50th ASEAN Insurance Council Meeting: Bridging Resilience and Innovation in the ASEAN Insurance Landscape
3 MIN READ
The Empire Brunei
Brunei Darussalam
Wednesday, 25 Jamadilawal 1446 corresponding to 27 November 2024
Brunei Darussalam hosts this year’s 27th ASEAN Insurance Regulators’ Meeting (AIRM) and the 50th ASEAN Insurance Council (AIC) Meeting, with the theme ‘Bridging Resilience and Innovation in ASEAN Insurance Landscape’, at The Empire Brunei.
The opening ceremony was officiated by Yang Mulia Dato Seri Paduka Awang Haji Khairuddin bin Haji Abdul Hamid, Deputy Minister of Finance and Economy (Economy) as Chairman of BDCB’s Board of Directors. In his keynote address, he emphasised the need for the insurance industry to be more resilient in the face of changing exposure, including natural disasters. He also addressed the impact of several issues of growing significance, namely, digitalisation, technological disruptions and cybersecurity risks. Above all, he stressed the crucial role of these meetings as an avenue for collaboration between regulators and industry players to balance continuous innovation and resilience of the insurance industry in the region with preserving customer protection.
The 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 the ASEAN Insurance Training and Research Institute (AITRI). The annual event brings together insurance regulators from the ten ASEAN member states to discuss key issues towards developing and strengthening the insurance/takaful industries in the region.
Meanwhile, the AIC Meeting aims to foster cooperation and development among insurance markets in the ASEAN region. Held concurrently with AIRM, the AIC Meeting functions as a forum for industry leaders across ASEAN member states to network and share their knowledge and expertise in various areas. Several working committee meetings established as part of its main operations were also held on 26 November 2024, including the 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, several other insurance industry-related events will be held, culminating in a joint plenary meeting held between the AIRM and AIC. This plenary meeting is pivotal for engaging in discussions to shape the future insurance development in each country and across the ASEAN region.
The 27th AIRM gathered 69 delegates from ASEAN insurance/takaful regulatory authorities, ASEAN Secretariat, and the ASEAN Insurance Training and Research Institute (AITRI), while 135 delegates from insurance associations and organisations of ASEAN countries attended the 50th AIC Meeting.
