3 September 2021
The Insurance Authority (IA) hosted the 16th Annual Meeting of the Asian Forum of Insurance Regulators (AFIR) in virtual format on 2 September 2021, drawing the active participation of 52 delegates from 17 member jurisdictions 1 .
Mr Clement Cheung, Chief Executive Officer of the IA, highlighted in his opening remarks that regional collaboration is of utmost importance during the current trying times. He also cited climate change as a clear and present threat which must be tackled through international efforts. The AFIR presents an ideal channel to share knowledge and experience on these pressing issues.
“The pandemic has demonstrated the social contribution of insurance, enhanced general awareness of personal risk profiles, and caused a shift in demand towards protective products. This bodes well for market resilience and financial stability, shielding us from unexpected shocks in future,” said Mr Cheung. “Meanwhile, the low-yield environment and volatile investment climate call for increased vigilance and close coordination among regulators.”
At the meeting, speakers from the International Association of Insurance Supervisors, the Organisation for Economic Co-operation and Development, the National Association of Insurance Commissioners of the United States of America and the Access to Insurance Initiative provided their respective updates on a number of contemporary topics. Member jurisdictions then deliberated on the governance structure and an expanded scope of activities for the AFIR.
The AFIR was set up in 2006 as a multilateral platform to facilitate information exchange, knowledge dissemination and capacity building among insurance regulators in the Asia Pacific region. Mr Cheung has been serving as its Chairman since 2018.
Ends
Note:
1 Member jurisdictions attending the meeting (set out in alphabetical order) were Astana International Financial Centre, Australia, China, Chinese Taipei, Dubai International Financial Centre, Hong Kong, India, Japan, Korea, Macao, Malaysia, Maldives, New Zealand, Philippines, Singapore, Sri Lanka and Thailand.