The Asian market has been an emerging growth engine of the global economy, presenting enormous opportunities for the insurance industry, thus reinforcing the role of insurance in supporting inclusive growth in the region.
Against this backdrop, the Insurance Authority (IA) yesterday hosted a thematic breakout panel session, titled “Insurance and Inclusive Growth in Asia”, at the 13th Asia Financial Forum, in which industry leaders shared their insights into promoting insurance inclusiveness in Asia.
“Insurance facilitates business development and entrepreneurship,” said Dr Moses Cheng, chairman of the IA, in his opening remarks at the session.
“By transferring risks to insurers, companies can better deploy their resources for growth and development. While inclusive growth is a global concept, it is especially important in Asia, which has established itself as the growth engine of the world’s economy. The insurance sector can play an active role in supporting inclusive growth in the region by offering protection to both individuals and businesses.”
The panellists, including senior executives of prominent life and non-life insurance companies, identified four key elements of inclusive insurance – penetration, protection, affordability and accessibility – and discussed how these elements could be incorporated into their business strategies. They also examined the challenges and opportunities in reaching out to underserved or unserved populations and enhancing insurance inclusiveness in various Asian countries.
With the emergence of technologies and innovations that are rapidly changing the market landscape, the panellists discussed the importance of InsurTech development in furthering inclusive insurance in Asia. Panellists also recognised the opportunities in promoting inclusive insurance to address health and catastrophic risks in the Greater Bay Area.
The Asian Financial Forum (AFF), an annual event co-organised by the Hong Kong Special Administrative Region government and the Hong Kong Trade Development Council, brings together some of the most influential leaders of the global financial and business community to discuss developments and trends in the dynamic markets of Asia.