International Insurance Seminar: In Pursuit of a More Resilient and Inclusive Insurance Sector 21 to 22 October 2013 Philippines Asian financial markets are at various stages of development and sophistication. Most financial systems are still dominated by banks, reflecting a lack of capacity in the region's non-banking sectors and capital markets. A non-diversified financial sector also represents a risk in terms of the inability to deal with financial shocks and periods of uncertainty. The growth and development of the insurance and pensions sector, therefore, deserves greater policy priority. The seminar highlighted gaps in international financial architecture and national regulatory systems, disaster risk financing and management of longevity risks, the dynamics of international insurance regulation and supervision, and more. Program and Learning Materials 21 October 2013 22 October 2013 Session / Activity Title Speaker(s) Welcome Address Bindu Lohani Seminar Overview Noritaka Akamatsu The Dynamics of International Insurance Regulation and Supervision International Developments in Insurance Regulation Insurance regulation, an issue rarely topping anyone's list, has become a major concern for C-suites. With recent international developments in the… Craig Thornburn The Dynamics of International Insurance Regulation and Supervision International Developments in International Accounting Standards This presentation discusses discounting reserves and participating life annuity contracts. It explains the convergence of and statutory accounting… Doug Barnert The Dynamics of International Insurance Regulation and Supervision International Developments in International Actuarial Standards The International Standards of Actuarial Practice (ISAP) promotes high quality actuarial practice. While the G20 is demanding common standards for… Goddfrey Perrot Strengthening Capacity for Adherence with International Insurance Standards International Association of Insurance Supervisors' Approach to International Cooperation and Standard Implementation The International Association of Insurance Supervisors (IAIS) promotes effective and globally consistent regulation and supervision of the insurance… Jonathan Dixon Strengthening Capacity for Adherence with International Insurance Standards Strengthening Capacity of Insurance Supervisors from Emerging Markets This presentation explains the risk-based supervisory framework, focusing on insurer profile summary. The importance of data quality as the primary… Bryan Fuller Strengthening Capacity for Adherence with International Insurance Standards Risk-Based Capital: Sri Lanka’s Experience Risk-based capital (RBC) represents an amount of capital that, based on an assessment of risks, a company should hold to protect customers against… Indrani Sugathadasa Enhancing Access to Insurance in Asia and the Pacific The Potential for Microinsurance and the Way Forward Developing countries remain an untapped market for the private sector. Exclusion from market opportunities, however, can lead to barriers to business… Arup Chatterjee Enhancing Access to Insurance in Asia and the Pacific The Success Story Behind the Development of Microinsurance in the Philippines Insurance penetration was initially low in the Philippines. This was primarily due to lack of an insurance culture in the country, lack of… Emmanuel Dooc Enhancing Access to Insurance in Asia and the Pacific The Development of Microinsurance and the Role of Credit Rating Agencies Emerging markets experience a gap in insurance coverage as their economies continue to grow. Along with microinsurance and financial insurance that… Andrea Keenan Session / Activity Title Speaker(s) Responding to Demographic Transition and Managing Longevity Risks Aging, Economic Growth, and Old-Age Security in Asia Asia faces a regionwide demographic transition to older populations. Population aging could serve as a drag on economic growth over the coming… Donghyun Park Responding to Demographic Transition and Managing Longevity Risks Aging and Longevity: Implications for Life Insurers Demographic transitions change people's insurance needs. In Japan, fertility rates have dropped while people live longer. Baby boomers are now over… Makoto Okubo Responding to Demographic Transition and Managing Longevity Risks Life Insurance Industry in India Ample opportunities in India demonstrate huge growth potential for the life insurance sector. These positive trends, however, might turn into… Sandeep Bakhshi Regulatory and Supervisory Challenges in Developing Disaster Risk Financing Regimes Macroeconomic Effects from Natural Catastrophes: New Findings on the Role of Reinsurance and its Supervision Statistics show that uninsured losses cause significant macroeconomic cost. The experiences of those countries previously hit by natural catastrophes… Sebastian von Dahlen Regulatory and Supervisory Challenges in Developing Disaster Risk Financing Regimes Regulation and Supervision of Insurance Risk Transfer to the Capital Markets There is a growing trend of insurance risk transfer to the capital markets. Understanding and addressing complexity and innovation is crucial in… Marcelo Ramella Regulatory and Supervisory Challenges in Developing Disaster Risk Financing Regimes The United Nation’s Principles for Sustainable Insurance: A Pioneering Global Sustainability Framework and Initiative The insurance industry faces a number of environmental, social, and governance issues. The Principles for Sustainable Insurance of the United Nations… Butch Bacani Insurance Industry Solutions for Disaster Risk Financing The Risk of Cascading Failures in Catastrophic Events Cascading failure is failure of individual components in a network which affects the performance of the system or connected systems. Global… Edward Mishambi Insurance Industry Solutions for Disaster Risk Financing Insurance Industry Solutions for Disaster Risk Financing There is a pressing need to address the vulnerability of many Asian economies to catastrophe risk. Commitment and prioritization can lead to major… Michael Spranger Insurance Industry Solutions for Disaster Risk Financing Public-Private Partnerships in Disaster Risk Financing Rising exposure to natural disasters has a significant effect on economies. Similarly, there is a significant increase in protection gap. Insurance… Amit Kalra Closing Remarks Disclaimer The views expressed on this website are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. Event Coordinator/s Richard Supangan ADB Organizer/s Finance Sector Office Topics Finance