There is scope for greater engagement between governments and the insurance industry in the areas of risk financing and insurance.
At the Asia Insurance & Reinsurance Conference on Wednesday, Assistant Managing Director of the Monetary Authority of Singapore Ng Nam Sin said the private sector can provide expertise and capacity to help governments manage large and complex risks.
Asia's growing and rapidly ageing population, rising affluence and rapid urbanisation are set to offer opportunities for insurers.
To access these opportunities, insurers to be be located in Asia to be close to the risk and support sound underwriting decisions. Insurers also need to achieve a deep understanding of the underlying risks. Companies will also need to identify, develop and retain the right talent.
He added that Singapore can play a role in facilitating international insurance companies in accessing Asia and fostering dialogue among stakeholders.
- CNA/ac
Source: Channel News Asia
