Summit discusses ASEAN Community insurance industry blueprint

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SINGAPORE, Oct 2 About 250 ASEAN insurance leaders and regulators gathered at the inaugural ASEAN Insurance Summit, Wednesday to cast light on the blueprint for the insurance industry of the ASEAN Economic Community and its implications for insurers.

Regulators discussed the progress of preparations in their individual markets as the region moved closer towards integration in 2015, said a statement from the ASEAN Insurance Council.

The summit was aimed at further preparing ASEAN insurance leaders and practitioners for the ramifications of the integration on their businesses and to help insurers capitalise on the opportunities the integration would open up for them.

It served as an important forum to voice their opinions and contribute to the policymaking process of the ASEAN Economic Community.

More than 30 speakers and panelists examined how the economic integration would impact the various areas of the insurance business, looking specifically at legal, regulatory and tax issues; market conduct issues; long-term products; talent movement; and risks of natural catastrophes in an interconnected region.