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. 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 shocksand in so doing to help achieve the objectives of the Sustainable DevelopmentGoals (SDGs).
Both organisations strongly believe in the need for greater coordination and collaboration across the insurance industry and other relevant stakeholders, both public and private, as well as academia, to drive meaningful impacts on protection gaps. 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.
