Page 5 - AEC Digital Edition

SPECIAL MESSAGE
A dream come true
The launch of the ASEAN Economic Community is
indeed a milestone historic moment for all in the
region. It is also a significant development for the
world seeing 620 million people aspire and commit to come
together in the name of economic integration.
As Secretary-General of the ASEAN Insurance Council
(AIC), the private sector peak body that brings together
the insurance bodies of the individual member countries,
I am proud to say that the insurance industry in the region
has a critical role in providing security and safety to both market.
individuals and business or industry against losses and
risks. Thus, in these historic times, it is crucial for the
insurance industry to remain resilient and competitive
to contribute to the regional and national economies of
ASEAN.
In fact, I welcome the birth of AEC as it will be a
resounding moment for all to see the important role that
the insurance industry has been playing in the region.
Aside from providing insurance protection and cover to
help individual and businesses manage risks, the insurance
industry in the region has been at the forefront playing a
dynamic role to amass funds from members of the public to
invest in vital infrastructural developments in the region.
This is a critical role that the insurance industry has
been playing in the region as a good and classic example
of Public-Private Partnership (PPP). Increasingly, we hear
the calls for PPP in the various sectors of the economy,
but insurance has been doing this as a matter of course
historically, and I am very proud to see this dynamism
that insurance adds to the growth and development of
the ASEAN economies through its investment income and
supporting government bonds and instruments.
Spreading the Word
Over the years, the ASEAN leadership has been building
public support for and awareness of AEC. The AEC
represents tremendous opportunities for the ASEAN
insurance industry where motor and marine, aviation and
transport have been identified as early areas for greater
cooperation for the private sector.
For the governments and regulators, the priority is
greater harmonisation of insurance regulations which
will help businesses regionally. There are already many
companies which have adopted an ASEAN strategy in their
business to tap into the AEC, an attractive market of 620
million people with a GDP of US$2.4 trillion.
And consumers will benefit the most from AEC as
insurers strive to boost efficiency, services, innovation in Council
the new AEC era.
AIC – All Set
The AIC is committed to do whatever it takes to help the
industry prepare for AEC 2015 and the broader ASEAN
Vision 2020. Towards that end, we have been holding
several roundtables in the individual markets to explain
the significance of AEC and the importance of being
prepared for AEC. We have also established contacts with
several international organisations, including ASEAN
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Secretariat, ASIA-PACIFIC Financial Forum (APFF) under
APEC, the World Economic Forum, Asian Development
Bank, and several other international bodies, to tap into
their expertise and resources to help the ASEAN insurance
industry.
We subscribe to the theory that it is the duty of every
ASEAN insurer to help the less-developed insurance market
in the region to progress. This should be seen not only as
a business opportunity but as an overall Corporate Social
responsibility of all ASEAN insurers as, at the end of the day,
all ASEAN insurers will benefit from a stronger regional
Ready for the Drive
As Secretary-General of the AIC, I take my role to promote
AEC very seriously, and I have been visiting individual
market leaders in as many ASEAN countries as possible to
find ways in which we can encourage greater cooperation.
The set-up of a permanent AIC Secretariat after 32 years of
existence is a serious regional commitment by the industry.
The ASEAN Insurance Council meets ASEAN Insurance
Regulators once a year to have a continuous significant
dialogue, and to forge serious progress in all areas of the
business, including in nurturing the skills and talent
needed for the industry, cross-border insurance, as well
as in identifying priority areas for work be it Nat CATs or
research in longevity or pensions and nurturing talent for
the industry.
I know more hard work certainly awaits as AIC ramps up
its initiatives to serve the industry to face the challenges of
AEC and to enhance cooperation with the ASEAN Secretariat
and insurance regulators to meet any challenges that may
arise.
I am all set to meet the demands of the day and as
Secretary-General of AIC, I pledge my fullest support and
commitment to the AEC.
Here’s wishing that the dream
of the AEC and the journey
towards regional integration
will be a profitable and
exciting one for all. Make
sure you are fully prepared to
not only rise to the challenges,
but be able to tap into the
opportunities thrown up by
this massive development.
Ms Evelina F
Pietruschka,
Secretary General,
ASEAN Insurance
AEC – IMPACT ON INSURANCE • DECEMBER 2015 3