Kathmandu: The three days long Asian Insurance Meet 2023 with the theme ”Building Resilience of Insurance Towards Emerging Risks” concluded today with the commitment to enhance cooperation among supervisors to mitigate the challenges posed by climate change through innovative insurance.
Addressing the closing ceremony of the international level conference, the chairman of Nepal Insurance Authority, Surya Prasad Silwal admitted that insurance is of utmost importance in today’s rapidly changing global landscape. He said, ”Climate has emerged as an urgent global concern, and the insurance industry has a crucial role to play in addressing its impact. Insurance supervisors need to collaborate with industry stakeholders to develop frameworks and strategies that effectively manage climate risks and support sustainable development.”
The insurance industry through innovative products and risk management practices can seize the opportunities presented by climate change. He further added,” The nations with agriculture as the major economic activity will benefit from the coverage of agriculture insurance. The development and implementation of effective agriculture insurance programs are vital to support farmers and ensure the stability of the agriculture sector.”
Chairman Silwal stressed the effective implementation of risk-based supervision. Robust regulatory frameworks and effective supervision are critical to maintaining financial stability and protecting policyholders’ interests.
Delegates from 20 nations from the Asian region participated in the conference.
