33rd ASEAN Insurance Council Meeting

33rd ASEAN Insurance Council Meeting

LIAM and its general insurance counterpart, PIAM, jointly hosted the 33rd ASEAN Insurance Council (AIC) meeting in Kuala Lumpur on 15 November 2007. The meeting also coincided with the 40th Anniversary of the establishment of ASEAN.

The AIC is a regional private sector grouping of insurance associations in ASEAN countries that was formed to promote regional ties and cooperation among ASEAN insurers. The Council meets once a year in a designated ASEAN country to exchange views and ideas on issues of mutual concerned.

Over the years, the council has proven to be an effective platform to foster closer ties among the ASEAN insurance practitioners.

In his welcome speech at the cocktail reception jointly hosted by LIAM and PIAM on 14 November 2007, Mr Ng Lian Lu, President of LIAM, highlighted that the solidarity of the member nations of ASEAN has certainly contributed to the success of the various projects launched under the auspices of AIC.

"We should keep this spirit of ASEAN cooperation alive as the?fruits of our joint efforts would not only develop our region's insurance industries but also our countries at large.

"We are pleased to note that after 33 years of incorporation, the roles played by AIC remains?relevant,prominent and far reaching, even in today's business world.

"Although our respective member countries may be experiencing varying growth rates, the sharing of information and expertise from the more developed countries has benefited a great deal the emerging markets," said Mr Ng.

Among the issues discussed at the 33rd AIC meeting included the developments in the respective insurance industries among the ASEAN members, sharing of research works and exposures of regional catastrophic national disasters and the development of ASEAN Insurance Training and Research Institute (AITRI).

The 10th ASEAN Insurance Regulators (AIRM) meeting was also held on 15 November 2007. Representatives from AIC met up with the regulators for a discussion on issues concerning the industry on 16 November 2007.

In conjunction with the 10th AIRM and 33rd AIC, the AITRI organized the 6th ASEAN Insurance Congress on 14 November 2007.

With the theme "Progressive ASEAN", the Congress highlighted issues which are important and critical to the life insurance industry to stay on track towards building a progressive industry.

The Congress attracted some 143 participants from Malaysia and around the region.