The recently concluded three-day 20th Asian Reinsurers’ Summit (ARS 2023) has reaffirmed the need for national reinsurers in Asia to foster closer collaboration in shaping the future of reinsurance in the region, said Malaysian Reinsurance Bhd (Malaysian Re).
Malaysian Re, which hosted the ARS 2023 here from Sept 25 – 27, 2023, said the summit also saw the emergence of several initiatives, including the setting up of a task force led by Malaysian Re and comprising ARS member companies to lead forums of mutual interest.
“ARS 2023 delved into discussions and dialogues on the latest challenges surrounding the (re)insurance industry, which includes the adoption of the new accounting standard for insurance, MFRS 17, as well as development and impacts of environmental, social, and governance on the industry,” it said in a statement today.
As the host country of the summit for this year, Malaysian Re, on behalf of the ARS members, presented the key findings of respective countries’ insurance market developments and shared unique insights on emerging risks, protection gaps and digital convergence.
The ARS is an annual gathering founded in 2001 which aims to drive the development of the Asian reinsurance market through the promotion of multilateral communication among Asian national reinsurers.
ARS 2023 was attended by 21 delegates, comprising key leaders and senior executives from 11 national reinsurers in Asia.
Bank Negara Malaysia (BNM) financial development and innovation director Lau Chin Ching also delivered the keynote address at the summit.
Source: BERNAMA News Agency