Rising exposure to natural disasters has a significant effect on economies. Similarly, there is a significant increase in protection gap. Insurance is one of the cost-effective solutions to mitigate financial impact.

There is a pressing need to address the vulnerability of many Asian economies to catastrophe risk. Commitment and prioritization can lead to major economic and social benefits. Aon Benfield is in a unique position to help in the development of catastrophe pools.

The insurance industry faces a number of environmental, social, and governance issues. The Principles for Sustainable Insurance of the United Nations Environment Programme Finance Initiative serves as a global framework for the insurance business to address these issues.

There is a growing trend of insurance risk transfer to the capital markets. Understanding and addressing complexity and innovation is crucial in achieving successful regulation and supervision of reinsurance and reinsurers.

Statistics show that uninsured losses cause significant macroeconomic cost. The experiences of those countries previously hit by natural catastrophes reveal that significant differences in insurance coverage lead to various growth impacts.

Ample opportunities in India demonstrate huge growth potential for the life insurance sector. These positive trends, however, might turn into potential landmines in the absence of an enabling environment especially in a country with demographic dividends, like India.

Probe why Asia faces a regionwide demographic transition to older populations. Population aging could serve as a drag on the region’s economic growth over the coming decades. Asia must overcome a number of structural obstacles in order to meet these challenges.

Emerging markets experience a gap in insurance coverage as their economies continue to grow. Along with microinsurance and financial insurance that play an essential role in narrowing the gap, a number of factors were identified that can help contribute to progress.

This presentation explains the risk-based supervisory framework, focusing on insurer profile summary. The importance of data quality as the primary input, which feeds economic and technical calculations, is highlighted. It also discusses the Own Risk and Solvency Assessment as integral part of a risk management system.

The International Association of Insurance Supervisors (IAIS) promotes effective and globally consistent regulation and supervision of the insurance industry. Coordinating further with partners and regions and placing focus on where IAIS can add value in the implementation space is needed to strengthen effectiveness of implementation activities and value to members.