The Philippines is hosting a three-day conference on insurance in November to be attended by industry practitioners and regulators across the countries comprising the Association of Southeast Asian Nations (ASEAN).
The 36th ASEAN Insurance Council Meeting and the 13th ASEAN Insurance Regulators Meeting will take place from Nov. 24 to 26 at the Shangri-La Hotel in Makati City.
The first day of the series of meetings will involve industry practitioners as they tackle issues on insurance education and share experience on natural disaster research work around the region.
On the second day, regulators from around ASEAN will have their day spent sharing regulatory issues which will be highlighted by a presentation by the Young ASEAN Insurance Managers Award or YAMA at the Manila Polo Club.
This will be the second time Manila will be hosting the ASEAN Insurance Meeting since 1974.
The Insurance Commission under Deputy Commissioner Vida Chiong is making local arrangements with the assistance of the Philippine Insurers and Reinsurers Association (PIRA) representing the non-life sector and the Philippine Life Insurers Association (PLIA) for the life insurance sector.
Ms. Chiong said insurance has yet a long way to go in the Philippines as only 14 percent of Filipinos have any kind of insurance coverage.
Countries like Japan or Singapore boast of insurance penetration rate of more than 100 percent, which means their citizens have one or more insurance policies.
Ms. Chiong added that the meeting will provide insurance regulators and practitioners with a forum to discuss topics of mutual concern and will offer them a chance to compare notes and adopt best-practices region-wide.