The 17th Annual Meeting and Conference of the Asian Forum of Insurance Regulators (AFIR) bearing a theme of “Strengthening Resilience of Insurance Supervision for Evolving and Emerging Risks” was held in Maldives from 5 to 6 September 2022 with the participation of delegates coming from 14 member jurisdictions1.
“The insurance market in Asia Pacific is characterised by diversity – in terms of population, demographics, geography, religion, socioeconomic development, density and penetration – but few will cast doubt on its prospect and potential. For this reason, AFIR strives to facilitate smoother communication, better mutual understanding and deeper cooperation,” said Mr Clement Cheung, Chairman of the AFIR and Chief Executive Officer of the Insurance Authority, in his opening remarks.
Speakers from the Financial Stability Institute of the Bank for International Settlements, the Office of Insurance Commission of Thailand, the United Nations Development Programme, the Organisation for Economic Co-operation and Development, the International Association of Insurance Supervisors and the Global Asia Insurance Partnership led the discussion on a number of contemporary issues such as growing dependency on big tech companies, emerging cyber risks, the devastating impact of climate change and widening protection gaps.
Although the tenure of Mr Cheung as Chairman of AFIR is due to end in September this year, member jurisdictions resolved to extend his role for one year so that a suitable replacement could be identified.
Established since 2006, AFIR is a multilateral platform designed to facilitate information exchange, knowledge dissemination and capacity building among insurance regulators in the Asia Pacific region.
Ends
Note:
1 Member jurisdictions attending the meeting were Astana International Financial Centre, Australia, China, Chinese Taipei, Dubai International Financial Centre, Hong Kong, India, Japan, Korea, Macao, Malaysia, Maldives, Singapore and Thailand (in alphabetical order).
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