Dear Council Members,

Thank you for another year of wholehearted cooperation and support in 2023.

We face the year 2024 with much more anticipation as our ASEAN reinsurers have signed an MOU witnessed by our members and regulators on the renewable energy pool. The ASEAN Professional Insurance Diploma has finally been kickstarted in January this year. Likewise, Myanmar and Vietnam have joined Singapore and Thailand in making their Compulsory Motor Insurance available for online purchase at www.aseancob.org

Climate change and residential house insurance will be important topics to be taken up by the ASEAN Natural Disaster & Works Sharing Committee this year. These have implications on public and private partnerships (PPP) in handling agricultural insurance and Microinsurance. The ASEAN Takaful/Retakaful Working Committee will commence a comparative study between Brunei, Indonesia & Malaysia’s regulations as well as select Middle Eastern Countries. It will also examine the best practices for potential adoption by ASEAN countries currently without Islamic Finance/Takaful regulations.

Meanwhile, the cost of healthcare has ASEAN insurers up on their toes. A Health and Medical Insurance Working Committee is being proposed to be formed this year.

This year, we are more confident in serving and building trust with our customers because the regulators are behind us in adopting policies and implementing safeguards to strengthen the ASEAN insurance industry.

We continue to learn together and support one another in areas that are new to the insurance world such as, renewable energy, mental health treatment, electric vehicle cars and motorcycles, climate change and carbon pricing, etc.

Finally, the ASEAN Insurance Industry has reached USD 109.6 trillion in gross written premiums in 2022. Behind these figures are the men and women that make up the ASEAN Insurance Council, not only competent in the field of insurance, but also striving to achieve moral and spiritual growth in their life journey.