Hong Kong’s Insurance Authority (IA) hosted the 16th annual meeting of the Asian Forum of Insurance Regulators (AFIR) in virtual format on September 02, with 52 delegates from 17 member jurisdictions participating.

IA chief executive Clement Cheung (pictured) presented the opening remarks, in which he said that regional collaboration is of utmost importance in the current global crisis. Cheung also identified climate change as a clear and present threat that must be tackled through international efforts.

“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.