“The pandemic has demonstrated the social contribution of insurance, enhanced general awareness of personal risk profiles and caused a shift in demand towards protective products,” Cheung said. “This bodes well for market resilience and financial stability, shielding us from unexpected shocks in future. Meanwhile, the low-yield environment and volatile investment climate call for increased vigilance and close coordination among regulators.”
The meeting included updates from several international organisations, including the International Association of Insurance Supervisors, the Organisation for Economic Cooperation and Development, the National Association of Insurance Commissioners of the United States of America and the Access to Insurance Initiative. Member jurisdictions also deliberated on the governance structure and an expanded scope of activities for the AFIR.
The AFIR was formed in 2006 as a multilateral platform to facilitate information exchange, knowledge dissemination and capacity building among insurance regulators in the Asia-Pacific region. Cheung has been the association’s chairman since 2018.
This year’s participants represented Astana International Financial Centre, Australia, China, Chinese Taipei, Dubai International Financial Centre, Hong Kong, India, Japan, Korea, Macao, Malaysia, Maldives, New Zealand, the Philippines, Singapore, Sri Lanka and Thailand.