The National Association of Insurance Commissioners (NAIC) hosted the Third Annual Asia-Pacific International Forum this week. The forum was held ahead of the NAIC’s Summer 2016 National Meeting in San Diego.
Nearly two-thirds of the global insurance market is comprised of the Pacific Rim and Latin American regions.
“The importance of the Asia-Pacific region in the global insurance economy cannot be overstated,” said John M. Huff, NAIC President and Missouri Insurance Director. “Growth in the insurance sector in this region is unmatched anywhere else in the world. Our dedication and commitment to shared dialogue and regulatory coordination is not only timely, but critical to our shared success.”
The forum served as an opportunity to deepen relationships between regulators from the U.S. and the Asia-Pacific region. Topics discussed included the potential impact of the International Association of Insurance Supervisors (IAIS) work streams, natural catastrophes, retirement security, cybersecurity and the development of cyber insurance products and technological developments.
The forum hosted more than 35 regulators from the Asia-Pacific region and the U.S., as well as senior-level industry representatives from the region’s active insurers.