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THE Geneva Association (GA) is holding its general assembly of global insurance leaders for the first time in Singapore this week.
The 42nd General Assembly of The Geneva Association is being hosted by the Monetary Authority of Singapore (MAS) and ACR Capital Holdings.
Singapore was chosen for the May 13-16 event because it is the leading insurance and reinsurance hub in the fast-growing Asian market.
In a joint statement on Wednesday, GA, MAS and ACR said the event will bring together more than 50 of the key decision-makers in insurance to discuss economic and strategic challenges facing the industry, and analyse how insurers can actively contribute to practical solutions.
"We look forward to deepening our collaboration with members of The Geneva Association on how Singapore can better serve Asia's growing protection needs. We want to help increase penetration rates in traditional lines of business as well as facilitate innovative risk reduction and risk transfer solutions in newer areas such as natural catastrophe risk and cyber risk," MAS managing director Ravi Menon said.
Research has shown that while insurance penetration in the region is growing rapidly, there are still considerable gaps in the protection it provides.
A forthcoming report from GA on Asian flood risks is due to be discussed by members in Singapore. The report will examine the magnitude and implications of the gap between exposures generated by climate risks and increasing urbanisation.
"The loss projections generated by the analysis are eye-watering," said Anna Maria D'Hulster, secretary-general and managing director of GA, in a guest editorial on the Association's website.
The paper also highlighted the challenges of insuring flood risks while calling for innovative solutions, public-private partnerships, and government intervention to mitigate their impact.
Ms D'Hulster said GA's 12th Health and Ageing Conference will also take place in Singapore. The meeting will focus on the medical aspects of ageing in Asia, the challenges of financing the health of an ageing population and the role insurance can play.
Prime Minister Lee Hsien Loong will host the delegates at the Istana and Deputy Prime Minister Tharman Shanmugaratnam will deliver the keynote speech at the assembly.
Membership of GA - a leading international insurance think tank established in 1973 - comprises a statutory maximum of 90 chief executive officers (CEOs) from the world's top insurance and reinsurance companies. Its members run companies that employ over three million people in more than 140 countries and manage US$13.6 trillion of assets.