Some of the prominent speakers at the international conference include Debasish Panda, chiarman, IRDAI, Prof Yoshihiro Kawai, chair of the OECD Insurance and Private Pensions Committee, Pablo Antolin, head, insurance and Pensions Unit, Directorate for Financial and Enterprise Affairs, OECD, Tapan Singhal,MD & CEO, Bajaj Allianz General Insurance
Hyderabad:
A 2-day international event- `Roundtable on Insurance and Retirement Savings in Asia” jointly organised by the Organisation for Economic Co-operation and Development, the Asian Development Bank of India(ADBI) and the IRDAI, has commenced in Hyderabad on Wednesday.
The event is sponsored by the Government of Japan and hosted by the IRDAI.
The purpose of this Roundtable is to exchange information on key developments in insurance and private pensions markets in the Asian region and to share experiences.
International participants from the Asian and OECD regions and will share insights into recent regulatory reforms. The event will discuss and good practices on key policy and regulatory issues among policy makers, regulators and private sector participants from Asia and elsewhere.
Some of the prominent speakers at the conference include Debasish Panda, chiarman, IRDAI, Prof Yoshihiro Kawai, chair of the OECD Insurance and Private Pensions Committee, Pablo Antolin, head, insurance and Pensions Unit, Directorate for Financial and Enterprise Affairs, OECD, Tapan Singhal, MD & CEO, Bajaj Allianz General Insurance.
The Asia-Pacific region is among the fastest growing – and most innovative – markets in the world for insurance and is responsible for an increasing share of global insurance premiums and pension assets under management.
However, the level of insurance and retirement savings penetration remains relatively low, leaving large numbers of individuals unprotected.
The development of insurance and private pension markets provides an opportunity to build financial resilience in the context of important economic, demographic, social and climate changes in the region.
The OECD’s Insurance and Private Pensions Committee and its Working Party on Private Pensions have been developing work in the area of insurance and private pensions that addresses policy interests and emerging issues in these markets, and have been making policy recommendations based on evidence-based analysis.
The event will discuss how insurers are responding to the challenges and risks of climate change, including efforts to address protection gaps for climate risks.
A changing climate will have significant implications for insurance companies, affecting the exposure they assume in the products that they underwrite and the assets in which they invest and potentially affecting the types of coverage that they ultimately offer.
It will also discuss the extent to which the policy and regulatory framework for insurance companies is evolving to respond to the risks linked to a changing climate, including by ensuring appropriate oversight of physical and transition risks and possibly also supporting the insurance sector’s contribution to climate mitigation.
Some of the other international speakers who will be participating in the event are,Var Vichea, Director of Licensing and Legal Affairs Department, Insurance Regulator of Cambodia,Pujan Dhungel, Director, Policy and Human Resource, Nepal Insurance Authority,Dao Trung Kien, Deputy Director, Viet Nam Insurance Development Institute (VIDI), Insurance Supervisory Authority (Viet Nam), Jun Kusumoto, Director for International Insurance Regulation, Financial Services Agency (Japan)
Aminath Irthiyasha, Head of Investment and Advisory Services, Maldives Pension Administration Office, Achala Perera, Deputy Director, Department of Pensions, Ministry, of Public Administration (Sri Lanka),Manoj Anand, Whole-Time Member (Finance), Pension Fund Regulatory and Development Authority (India), Li Yu, Government Functionary, Ministry of Human Resources and Social Security Commission (People’s Republic of China).