Time of event
Many countries in Asia are undergoing dramatic demographic changes—increasing longevity accompanied by declining fertility rates—and the ensuing transformation of societal age structures. While the insurance and private pension sectors have coped well with these challenges so far, whether and how their business models adapt to these changes will require careful and regular observation. Given how these changes impact the assumptions and risks that insurers and private pensions operate on, regulators will need to consider how best to maintain their solvency. The potential of technological advancement and innovation has been an important topic for insurance and pension regulators and supervisors in developed and emerging insurance and pension markets.
The Paris Agreement in 2015 has raised global awareness of what actions governments and corporations are taking to mitigate and adapt to the risks that climate change poses. Insurers are institutional investors as well as insurers of disaster risks. Climate change is expected to have an impact on the frequency and severity of natural disasters, which can result in devastating financial losses. Insurance coverage can ease financial burdens considerably, but ensuring sufficient coverage of disaster risks is challenging, particularly in the context of climate change.
To address these issues, the ADB Institute (ADBI), in cooperation with the Organisation for Economic Co-operation and Development (OECD) and Japan Financial Services Agency (JFSA), will hold a roundtable on insurance and retirement savings.
- Inform policy makers and private sector participants in Asia and discuss key issues in the Asian market.
- Share experiences and good practices on the sound development of insurance and private pension markets.
- 10 participants from Bangladesh, Malaysia, Pakistan, Sri Lanka, Thailand, and Viet Nam
- 3 expert speakers and 60 other speakers and participants invited by OECD and JFSA, as well as experts from ADB and other international organizations
- Shared knowledge and enhanced capacity of developing Asian countries for understanding insurance and retirement savings
- Better informed policy makers and private sector participants in Asia
- Better understanding of key issues in the Asian insurance and private pension market
- Presentation materials to be uploaded to the ADBI website
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