SEADRIF had a strong presence at the inaugural Global Asia Insurance Partnership Summit 2024 on 14-15 October. The Summit, themed ‘Addressing Asia’s Protection Gaps’, aimed to foster discussions on the imperatives, challenges, and necessary actions to address this critical issue, driving collaborative efforts across the public and private sectors. It was convened in partnership with the Insurance Development Forum (IDF).
Dr. Yoshihiro Kawai, SEADRIF Initiative Director and Chairman of the SEADRIF Insurance Company, who is also Chairman of GAIP, spoke at the “Tackling the Protection Gap in Asia” session. He was joined by Ms. Min Hung Cheng, Deputy CEO, GAIP, Mr. Bernhard Kotanko, Senior Partner, McKinsey & Company, Mr. Thomas Kessler, Principal Finance Specialist (Disaster Insurance), Asian Development Bank (ADB) to discuss specific initiatives in Asia aimed at reducing protection gaps. The panel shed light on effective strategies and collaborative efforts to enhance risk resilience in Asia.
Mr. Benedikt Signer, Executive Director, SEADRIF Insurance Company, participated in the panel titled “Of Natural Catastrophe (NatCat) protection gaps - Risk Reduction vs. Risk Financing”. The panel examined the role of prevention, mitigation, and adaptation efforts in reducing disaster impacts and the effectiveness of various risk financing tools such as insurance, contingent capital, and reserves. The panel also discussed integrating these approaches for more effective protection against natural catastrophes. Ms. Lei Yao, Associated Director, GAIP moderated the panel. The fellow panelists include Mr. Lubomir Varbanov, Managing Director and Head of Public Sector Solutions for Asia Pacific, Swiss Re, and Mr. Shaun S. Wang, Chairman of Risk Lighthouse.
Ms. Ellen Yong, Chief Operating and Financial Officer, SEADRIF Insurance Company moderated the panel titled “Laying the foundation to address protection gaps”. Mr. Alastair Norris, SEADRIF’s Disaster Risk Consultant, in his capacity as the Technical Lead, IDF, participated in the panel, together with Mr. Iwan Pasila, Deputy Commissioner of Insurance, Guarantee Institution, and Pension Fund Supervision, OJK Indonesia; Mr. Rupert Roberts, Head of Southeast Asia for Corporate Risk and Broking, WTW and Ms. Rowan Douglas CBE, CEO, Climate Risk and Resilience, Howden.
This panel explored the importance of data-driven decision-making and risk modelling tools in identifying and addressing protection gaps. The panelists also highlighted the need for the right talents and skill sets within the environment as the first steps in developing effective strategies to close protection gaps and improve overall risk resilience.
SEADRIF appreciated the opportunity to join these engaging panels and contribute to the success of the Summit.