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The Asian Forum of Insurance Regulators discusses ways to cope with emerging risks

12 October 2023


The 18th Annual Meeting and Conference (AMC) of the Asian Forum of Insurance Regulators (AFIR) was held in Malaysia from 10 to 11 October 2023, attended by about 70 delegates affiliated with 14 member jurisdictions 1 .

“Diversity is our strength as each member jurisdiction has its unique social demands and market landscape, yet we are exposed to the same set of emerging trends. Against the backdrop of a volatile macroeconomic environment, the AMC this year will revolve around the highly pertinent theme of coping effectively with emerging risks for resilient and robust insurance supervision,” said Mr Clement Cheung, Chairman of the AFIR and Chief Executive Officer of the Insurance Authority when delivering his opening remarks.

The Bank Negara Malaysia, the International Association of Insurance Supervisors, the Access to Insurance Initiative, the Organisation for Economic Co-operation and Development, the European Insurance and Occupational Pensions Authority, the Asian Development Bank and the Global Asia Insurance Partnership fielded experts to speak on a diverse range of topics that include takaful prospects and opportunities, emerging technologies and innovations, flood risks and rising sea levels, open insurance, climate change and nature risks, mortality and pandemic protection gaps, as well as public and private collaboration.

Furthermore, Mr Peter Kohlhagen of the Australian Prudential Regulation Authority was elected at the General Meeting as the new Chairman of AFIR for a term of two years until 2025. Members conveyed deep gratitude to Mr Cheung, the outgoing Chair, for his strong leadership and unwavering commitment over the past five years.

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



The 18th Annual Meeting and Conference of the Asian Forum of Insurance Regulators (AFIR) was attended by about 70 delegates affiliated with 14 member jurisdictions.

Note:

1 Australia, China, Chinese Taipei, Dubai International Financial Centre, Hong Kong, India, Japan, Korea, Macao, Malaysia, Maldives, Nepal, Singapore and Thailand.