ONLINE 23rd ASEAN Insurance Regulators Meeting (AIRM)
ONLINE 46th ASEAN Insurance Council Meeting (AIC)
A First in History
They were supposed to be at the picturesque island of Mactan in Cebu, Philippines, for the 23rd ASEAN Insurance Regulators Meeting (AIRM) and the 46th ASEAN Insurance Council (AIC) annual meetings. But the Coronavirus (Covid-19) pandemic prevented them from doing so.
Thanks to videoconferencing technology, however, insurance regulators and insurance industry leaders from 10 countries of Southeast Asia were still able to meet, discuss the challenges they are all facing, and propose solutions and directions moving forward.
For several days in October, leaders from the life and general insurance sectors from Brunei, Cambodia, Laos, Indonesia, Malaysia, Myanmar, the host Philippines, Singapore, Thailand, and Vietnam met through Zoom videoconferencing -- a first in history -- to update themselves of what each has been doing based on what they have agreed in their previous meeting in Nay Pyi Taw, Myanmar last year.
The leaders also spotlighted how Covid-19 is affecting their jurisdictions, and how the insurance sector is trying to survive and thrive amidst these trying times.
In the latter part of the month, it was the regulators' turn to meet, and they followed it up with a Joint Plenary Meeting with industry leaders.
Insurance Commissioner Dennis Funa from the Philippines, who chaired this year's meetings, was elated at their success in serving their purpose of enabling a healthy exchange of ideas among the leaders.
AIC Quick Talk Country Reports
Dr. Aladdin D. Rillo
ASEAN Economic Community
It is my great pleasure to welcome you, on behalf of ASEAN and its ten Member States, to the 23rd ASEAN Insurance Council Meeting and the 46th ASEAN Insurance Regulators’ Meeting.
This year’s meetings are special in the sense that this is the first time that it will be held virtually at a time where the ASEAN region is experiencing economic downturn brought about by the Covid-19. The current pandemic has highlighted the significant role of the insurance sector in development, and in strengthening economic resilience households and business in this pandemic. It is thus important for the insurance sector to devise multi-pronged strategies across possible scenarios and ensure a state of agile response both at the national and regional scale.
I hope that the meetings will provide opportunities for us to leverage on ASEAN’s growing dynamism – and to continue to re-invigorate our relationship with key stakeholders in the region. With the Philippines as Chair, I remain confident that the insurance sector will continue to thrive in this challenging times. Let us continue to join hands together as we embark on a journey towards our ASEAN Community Vision 2025.
I wish you a successful and fruitful meeting.
Insurance Commission of the Philippines
Hon. Dennis B. Funa
My Fellow Stakeholders in the ASEAN Insurance Industry,
Greetings of Peace and Goodwill!
On behalf of the Insurance Commission of the Philippines, I sincerely extend to everyone our cordial invitation to the 23rd ASEAN INSURANCE REGULATORS MEETING (AIRM) and the 46th ASEAN INSURANCE COUNCIL (AIC) MEETING this October 2020.
For the first time in the history of the AIRM and of the AIC, we will be bringing the meetings and the Plenary session to you via online platforms.
The insurance industry has always been characterized as resilient. Our ability to properly respond to different challenges has earned for us the trust and the confidence of the ASEAN insuring public.
The Philippines’ hosting of the AIRM and of the AIC this year highlights our collective ability to adapt and to transcend difficulties particularly the threat brought about the Covid-19 pandemic.
Beyond addressing the health and safety concerns of the Covid-19 pandemic, our online hosting of the 2020 AIRM and AIC meetings convey a message of hope and recovery to all.
Pandemics and other threats will come and go, but the links of friendships and the bonds of camaraderie among the ASEAN regulators and the regulated entities, for the benefit of the insuring public, will remain strong and will grow stronger. We will all survive and we are in this together!
May the 2020 AIRM and AIC be the perfect venue for us to renew ties of cooperation as we exert joint efforts to steer the insurance industry in navigating the turbulent waters of the pandemic and beyond.
We look forward to seeing all of you in October 2020.
Healthier days ahead to all!
Mr. Nopadol Santipakorn
On behalf of the ASEAN Insurance Council, I would like to extend my warm welcome to all of you to our Virtual 46th AIC Meeting this year. Though we cannot get together in the usual physical format of meetings which have been held as in the past 45 years, the COVID-19 pandemic cannot disrupt our virtual meeting.
May I express my heartfelt thanks to the host country - the Philippines, especially the Insurance Commission (IC), the Philippine Insurers and Reinsurers Association (PIRA) and the Philippine Life Insurance Association (PLIA) for your tremendous efforts in organizing the meeting this year. I truly appreciate your commitment and engagement in preparing the meeting under the current unprecedented situation!
Currently COVID-19 has infected almost 30 million people in at least 190 countries and territories globally, according to the World Health Organization. Thus, the virus outbreak has become one of the biggest threats to mankind, the global economy and financial markets as well as our insurance industry. The world economy has been projected to shrink by 4.9% in 2020, the worst-hit to global Gross Domestic Product (GDP) since the Great Depression in the 1930s. The COVID-19 pandemic has not only disrupted socio-economic across the globe but human life which has topped 900,000 death toll with billions of people around the world still suffering from the fallout of the crisis.
We are confronting with the “New Normal” in which COVID-19 will be a long-term disruption to all stakeholders in our business. This pandemic has totally reset our ways of doing business. We have to realign our operations to cope with the way we have to work under the new normal situation. For insurance business, it is foreseeable that we must change our current business model to digitalization and online instead of face-to-face mode as the scope, duration and severity of this threat is, as yet, unknown. Based on the latest information released last month from PeriStrat, a Zurich-based financial consultant, around US$ 24.5 Billion has been put on reserves for both insurance and reinsurance companies globally for their COVID-19 claims.
I do anticipate that with the Online AIC Meeting this year, all Member States will continue to keep the networking and collaboration with each other to strengthen our ASEAN spirit of cooperation. And I look forward to seeing our fruitful discussion and proposition to build an agility and resilience economy in moving the next wave of our insurance industry.
I wish you all having a successful meeting.
Please stay strong, stay healthy and stay safe!
Thank you very much.
Mrs Evelina F. Pietruschka
On behalf of the ASEAN Insurance Council (AIC) I am pleased to welcome all you to our 46th AIC Meeting. This year is quite different, due to the Global Pandemic, AIC Meeting for the very first time, will be conducted virtually via online. Despite the Global Pandemic, the successful organising of the 46th AIC Meeting is a clear illustration of ASEAN’s solidarity manifested in concrete Regional cooperation.
The industry feels that AIC Meeting is one of valuable platforms to exchange key developments relating to COVID-19 among the Members. Indeed, it will be important to discuss how COVID-19 has impacted our insurers in ASEAN, from business, investments, and operational resilience perspectives. Much has been done in our respective jurisdictions by both the industry and insurance Regulators to support insurers and policyholders during this unprecedented and challenging period.
There is room to learn from each other, which the ultimate goal is for ASEAN to have a robust, holistic and practical recovery framework to minimise the socio-economic effects of this pandemic, while propelling the economic trajectory. AIC feels that COVID-19 is unprecedented and have posed difficult challenges among us in ASEAN, but we should not be undaunted by these challenging times and Regional cooperation and key discussions should continue. As COVID-19 is expected to be with us for a while until a vaccine is found, Regional cooperation and key discussions can continue through alternative modes.
The way forward for ASEAN to thrive despite the growing uncertainty in the Region and the world is to stay united and resilient. My sincere thanks and appreciation to Philippines Insurance Commissioner, PIRA and PLIA for hosting it this year. And before I conclude my message, I would like to underline the way I am understanding the situation that we are being RESET, REALIGN & RESTORE (3R), where the World that we are living today is being Reset to Realign our conduct and the way Nations built their Governments & Businesses to Restore the Earth to its original beauty as God created it, for all MANKIND.
With that, I wish you a fruitful and successful Meeting. Thank you.
Philippine Life Insurance Association (PLIA) Inc.
Mr. Benedict C. Sison
The Philippine Life Insurance Association (PLIA), jointly with the Philippine Insurance Commission and the Philippine Insurers and Reinsurers Association (PIRA), is honored to host this year’s virtual conduct of the 23rd ASEAN Insurance Council Meeting and the 46th ASEAN Insurance Regulators’ Meeting in October 2020.
Were it not for the COVID-19 pandemic, we would all be enjoying what the city of Cebu, our planned conference venue, stood to offer in terms of its beautiful beaches; local cuisine known for the famous “lechon” (roasted pork), seafood cooked “sinugba” style (barbecued) and delectable delicacies; native merchandises with guitars and ukuleles being the most popular; as well as its colorful culture and arts. These and more will be ready to welcome you in another, more favorable time in the future.
The pervading gloom around us notwithstanding, the ASEAN spirit of unity and collaboration toward deepening the value impact of insurance services around the region will not be diminished.
We are looking forward to virtually welcome you to the Philippines soon!
To Our Industry Partners and Stakeholders:
The year 2020 is the year the Philippines is hosting the annual ASEAN Insurance Regulators Meeting (AIRM) and ASEAN Insurance Council (AIC) Meeting.
We were originally setting this up in Mactan, Cebu, to allow our guests from the 10 ASEAN countries to experience what our islands can offer.
However, the Coronavirus (Covid-19) pandemic has prevented us from doing so. However, thanks to the Internet, we will still be able to host this as an online event.
This October, we will be holding a series of online events to gather leaders of the life and non-life insurance sectors, including government regulators, across ASEAN to discuss important issues confronting our industry.
These series of meetings will culminate in a Joint Plenary Meeting for the industry leaders and regulators to present action plans and recommendations about the issues they have discussed. This eventually leads to policies and concrete resolutions to be implemented across the region.
As Chairman of the Organizing Committee composed of the Insurance Commission, the Philippine Life Insurance Association (PLIA), and the Philippine Insurers and Reinsurers Association (PIRA) I have the honor to invite you to be part of this very important event. Hope to see you online! Let us face this Covid-19 challenge as one industry and one ASEAN!
Philippine Insurers and Reinsurers Association (PIRA)
Mr. Allan R. Santos
The logo of the 23rd ASEAN Insurance Regulators Meeting and the 46th ASEAN Insurance Council Meeting shows the ASEAN symbol of unity riding a wave of red, white and blue splashes of the Philippine flag with its three stars and a sun. The waves speak of the beautiful waters that surround the Philippine archipelago of more than 7,100 islands.
They are set against a dark background, evoking a feeling of hope and dynamic anticipation amidst the gloom brought by the Covid-19 pandemic.
Linking the Region's Insurance Regulators
In 1997, during the first ASEAN Finance Ministers Meeting in Phuket, Thailand, a Ministerial Understanding on Finance Cooperation was signed. This eventually led to the creation of the ASEAN Insurance Regulators Meeting (AIRM) in Jakarta, Indonesia the following year, with the objective of strengthening cooperation among those regulating the insurance business. The AIRM, thus, has become an annual forum for regulators that supervise ASEAN insurance industries where they exchange ideas and information towards developing and reinforcing supervision of insurance industries in the region.
A Regional Platform for the Insurance Industry
Established in 1978, the ASEAN Insurance Council is a regional platform for insurance leaders, professionals. and practitioners to network and share their knowledge as well as their expertise in various areas of the insurance business. Its main goal is the development of the insurance industry in the ASEAN region. The AIC is comprised by different insurance industry associations from the 10 member countries of ASEAN. These associations represent the life insurance and non-life insurance or general insurance sectors. Within the AIC, they are grouped in several committees such as the Education Committee, the Council of Bureaux, the ASEAN Natural Disaster Research Work Sharing (ANDREWS) and the ASEAN Reinsurance Working Group.
Bringing the Philippines to You
The AIRM and AIC Meetings are opportunities for insurance regulators and leaders of the insurance industry from the countries in Southeast Asia to visit their host country.
However, since travel is not advisable at this time due to the pandemic, participants will be treated to an online experience of the Philippines.
Dear Friends and Colleagues,
We promised you an unforgettable experience of the Philippines, the land of sun, smiles and song, but COVID-19 thwarted our plans.
On the occasion of our 2020 AIC and AIRM Conferences, we bring the Philippines to you instead, albeit virtually through this selection of short videos.
Enjoy! And, in better times (hopefully soon) we can welcome you back to our islands in person!
A trip to the Philippines is never complete without Music, Song and Dance. This is a clip of one of our many contemporary singers trending around the world via You Tube. The song she sings is very apt for our times. Ladies and Gentlemen meet Morisette!
Another virtual tour, this time via a vlog created by a visitor so entranced by the beauty of the Philippines that he is still living here on an extended vacation three years later! Here is his top 10 places to visit! Enjoy!
Philippine cuisine is a melange of flavors with pan-global influences ranging from Indian, Chinese, Spanish, Mexican and American. It can be confusing and daunting to the initiates, but those brave enough to try it rarely ever regret it.
This clip is a vlog by a foreign couple Mike and Nelly, who were brave enough to try, not only Pinoy food but life in the Philippines. They loved it so much that they uprooted themselves from their native Austria and now live here full time!
This is a vlog of one of their foodie adventures. Enjoy! Tara, kain na!