As we look back to the year 2024, there are many things we are thankful for :

 • The ASEAN reinsurers have finally operationalized the ASEAN Renewal Energy Pool on 1 July. 

• The AIC Training Providers also eventually carried out the Modules 1 and 2 of the ASEAN Professional Insurance Diploma (APID) in 2024. APID will be offered every year so that those who need to take all the Micro Certificates will have a chance to do so. The ASEAN Insurance Education Committee (AIEC)’s subcommittee, the Actuarial Talent Development Working Committee (ATDWC), was successfully revived. The Actuarial Talent and Skills survey was conducted, and the ATDWC Chair presented their plans to AIEC members during the meeting in Brunei Darussalam. 

• More countries have made their Compulsory Motor Insurance available for online purchase at www.aseancob.org. In 2024, Lao PDR and Cambodia joined Myanmar, Vietnam, Singapore, and Thailand. 

• The ASEAN Health and Medical Insurance Committee (AHMIC) members met for the first time during the 50th AIC meeting in Brunei Darussalam. This committee presented the common issues and their probable solutions to the regulators.

• The ASEAN Takaful/Retakaful Working Committee has grown with a new member joining as the permanent secretariat, the Malaysian Takaful Association.

As we look forward to welcoming the year 2025, there are matters that urgently need our attention. 

Protection Gaps, specifically on Natural Disaster and Climate change related risks, need to be addressed by the ASEAN Natural Disaster Research & Works Sharing (ANDREWS) Committee and the ASEAN Reinsurance Working Committee (ARWC) with the support of the regulators.

Training gaps and shortages of talents, especially among actuaries, need to be managed.

We need to work together to improve the present state of the ASEAN health and medical insurance industry. Staggeringly high out-of-pocket expenditure, totaling USD 46 billion across ASEAN in 2021, was reported in the recently launched ASEAN Insurance Pulse 2024.

A baseline study on women’s representation as employees and leaders in the ASEAN Insurance industry is being conducted by AIC and the International Finance Corporation (IFC). Study findings will be used to recommend best practices tools and resources tailored to the region to help insurance firms reap business benefits from increased gender diversity. We need your support to make this study successful.

Thank you for your continuous support and endless creativity.

Wishing you a year full of hope and possibilities!