Brunei hosts ASEAN insurance meetings

The 17th ASEAN Insurance Regulators' Meeting (AIRM) and the 40th ASEAN Insurance Council Meeting (AIC) were held in Brunei on Tuesday.

This is the third time Brunei has hosted such meetings that were held annually on rotational basis amongst ASEAN member states. Other meetings that will be held during this period included the joint meetings of regulators and the council, and Council of Bureau, ASEAN Natural Disaster Research Work Sharing and ASEAN Insurance Education Committee.

Some 50 regulators attended the 17th AIRM, while around 100 ASEAN insurance council representatives attended the 40th AIC meeting.

Haji Adi Marhain, acting deputy managing director of Autoriti Monetari Brunei Darussalam (Brunei Darussalam Monetary Authority) said in his opening remark that the timely development of the Disaster Risk Financing and Insurance (DRFI) program would increase the financial resilience of ASEAN countries to natural disasters.

He also urged regulators and the ASEAN Insurance Council to explore further and tap into micro-insurance, which some jurisdictions already have some initiatives, given that ASEAN has a low penetration rate in insurance.