Inaugural Global Asia Insurance Partnership (GAIP) Summit
14-15 October 2024, Singapore
Theme: “Addressing Asia's Protection Gaps”
Asia's protection gaps are substantial and growing. In 2022, the protection gap in the Asia Pacific region was estimated at USD 886 billion in premium terms, a staggering 38% increase from 2017, representing half of the global protection gap[1]. Large segments of the Asian population remain underserved by insurance and other risk management solutions, leaving communities and economies vulnerable to financial hardship from unforeseen risk events such as natural disasters and health emergencies.
The inaugural Global Asia Insurance Partnership (GAIP) Summit 2024, themed “Addressing Asia's Protection Gaps,” aims to tackle this pressing issue. Convened in partnership with the Insurance Development Forum (IDF), this summit aims to foster discussions on the imperatives, challenges, and necessary actions to address this critical issue, driving collaborative efforts across the public and private sectors.
GAIP's vision is to build long-term risk resilience in Asia by narrowing protection gaps through actionable research into key and emerging risk issues, developing talent to ensure the future of the insurance sector, and facilitating dialogues among its tripartite partners and other stakeholders to drive actions that address these protection gaps. In alignment, the IDF's mission is to optimise and extend the use of insurance and its related risk management capabilities to build greater resilience and protection for people, communities, businesses, and public institutions that are vulnerable to disasters and their associated economic shocks and in so doing to help achieve the objectives of the Sustainable Development Goals (SDGs). The IDF Summit held in June 2024 in London, themed “Prevent, Protect, Provoke,” set the stage for this collaborative effort, bringing together senior executives from the insurance industry and prominent policymakers worldwide to discuss the evolving risk landscape and the critical role of insurance in prevention and protection.
Continuing this important dialogue, the GAIP Summit 2024 will convene industry leaders, policymakers, and experts to explore and address the pressing issues of protection gaps in Asia. Through insightful keynote addresses, engaging panel discussions, and valuable networking opportunities, attendees will gain the knowledge and strategies needed to tackle these challenges and leverage the opportunities to close protection gaps across the region.
Join us at this event and be a part of shaping the future of risk resilience in Asia.
Contact Us at info@gaip.global
[1] Swiss Re Institute Sigma Report June 2023.
Day 1 (14 October)
Closed door roundtable discussion *by invitation only (2.00pm – 3.30pm)
(start of open-door event)
1. Opening and Welcome (4.00pm – 4.10pm)
2. Keynote Address (4.10pm – 4.30pm)
3. Protection Gaps – Just a buzzword? (4.30pm – 5.30pm)
A protection gap is broadly defined as the gap between total economic losses arising from risk events and the losses for those events covered by insurance and other forms of financial protection. These gaps can arise from various risks, including natural catastrophes, mortality, health, retirement, etc. Despite numerous initiatives to reduce the gaps, they remain significant globally and continue to grow, exacerbated by factors such as climate change.
This panel will explore the current landscape of protection gaps, discuss what has been done globally to address these issues and examine the effectiveness of these initiatives. The discussion will highlight the importance of understanding protection gaps, the need for a holistic approach, and the role of multi-stakeholder collaboration in bridging these gaps.
4. Tackling the Protection Gaps in Asia (5.30pm – 6.15pm)
The 2023 global protection gap arising from natural catastrophes alone was 69%, whilst the equivalent for the Asia Pacific region was 91%. Asia faces unique challenges in addressing protection gaps due to its diverse geographical and economic landscape and dynamic development.
This panel will focus on specific initiatives in Asia aimed at reducing protection gaps, addressing the unique challenges, and overcoming the barriers to implementation. The panel seeks to shed light on effective strategies and collaborative efforts to enhance risk resilience in Asia.
5. Cocktail and Dinner (6.30pm)
Day 2 (15 October)
1. Welcome back and recap (9.30am – 9.40am)
2. Of Protection Gaps, the Climate, and where insurance fits in (9.40am – 10.30am)
Climate change exacerbates protection gaps, particularly in regions vulnerable to natural catastrophes. The increasing frequency and severity of climate-related events highlight the critical role of the insurance sector in ensuring continued economic and social development.
This panel will discuss the impact of climate change on protection gaps and the insurance sector's essential role(s) in managing these risks.
3. Morning tea/coffee break & networking (10.30am – 11.00am)
4. Of Health and Longevity, and where technology comes in to address the gaps (11.00am – 11.45am)
Health and retirement protection gaps are growing concerns, particularly in the context of ageing populations and increasing healthcare costs. Technology has the potential to address these gaps by enhancing insurance inclusiveness and accessibility.
This panel will explore how technological advancements are leveraged to narrow health and retirement protection gaps. It aims to highlight the imperative to drive for insurance inclusiveness in the face of growing gaps and the role technology can play in creating inclusive insurance solutions that cater to the needs of diverse populations.
5. Of NatCat Protection Gaps – Risk Reduction vs. Risk Financing (11.45am – 12.30pm)
Natural catastrophe (NatCat) protection gaps present significant challenges for many countries, especially those prone to disasters. This panel will focus on the comparative efficiency of risk reduction measures versus ex-ante risk financing strategies, including insurance vs. ex-post risk financing.
It will examine the role of prevention, mitigation, and adaptation efforts in reducing disaster impacts and the effectiveness of various risk financing tools such as insurance, contingent capital, and reserves. The panel will also discuss integrating these approaches to create a comprehensive risk management strategy that enhances resilience and minimises economic losses from natural catastrophes.
6. Lunch (12.30pm – 2.30pm)
7. The enabling environment to address protection gaps – what do we need? (2.30pm – 3.30pm)
Creating an enabling environment is crucial for effectively addressing protection gaps. This involves ensuring stakeholders have adequate awareness of risks, risk management tools,how insurance plays a critical role, and the right skills and talents to implement comprehensive risk mitigation strategies.
This panel will discuss the key components of an enabling environment and highlight the importance of cross-sector collaboration, capacity building and talent development, and the role of government, industry, and academia in fostering a supportive environment for addressing protection gaps.
8. Afternoon tea/coffee break & networking (3.30pm – 4.00pm)
9. Laying the foundation to address protection gaps (4.00pm – 5.00pm)
Addressing protection gaps requires a solid foundation built on appropriate data, advanced risk modelling capabilities, and the right tools and resources for stakeholders leveraging such data and risk modelling.
This panel will explore the importance of data-driven decision-making and risk modellingtools in identifying and addressing protection gaps. The panel aims to highlight the need for robust data and modelling frameworks and tools and the right talents and skill sets within the environment, which are the first steps in developing effective strategies to close protection gaps and improve overall risk resilience.
10. Closing remarks (5.00pm – 5.10pm)
11. Cocktail (5.30pm)
Standing cocktail reception for Summit participants.
*This programme tentative and subject to change
Who Should Attend
This summit is designed for a diverse audience of stakeholders in the insurance and financial services industry, including:
- Insurance Executives and Professionals: Leaders and practitioners from the insurance ecosystem looking to leverage the opportunities and address the challenges related to protection gaps in Asia.
- Policymakers and Regulators: Government officials and regulatory bodies involved in shaping the insurance landscape and policies to address protection gaps in Asia.
- Academics and Researchers: Scholars and researchers focused on insurance, risk management, and related fields who are interested in the latest studies and developments.
- NGOs and Development Agencies: Organizations working on socio-economic development, protection gaps, disaster risk reduction, and climate change adaptation.
Why Attend
Attending the GAIP Summit 2024 offers numerous benefits, including:
- Insightful Keynotes and Discussions: Gain valuable insights from industry leaders and other expert panelists on protection gaps' current landscape and future.
- Focus on Asia: Understand the unique challenges and opportunities in addressing protection gaps in Asia, with discussions tailored to the region's specific needs and contexts.
- Networking Opportunities: Connect with industry peers and other experts during networking sessions, cocktail receptions, and dinner.
- Comprehensive Agenda: Participate in a well-rounded program that covers a wide range of topics, from climate change impacts and health insurance gaps to the enabling environment for addressing these gaps and the foundational role of data and risk modelling.
Grand Copthorne Waterfront Hotel Singapore
392 Havelock Rd, Singapore 169663
