OECD-ADBI-OJK Roundtable on Insurance and Retirement Savings in Asia 2024
- Date
- 9-10 July 2024
- Time
- UTC+7
- Location
- Yogyakarta, Indonesia
About
Taking place over two days, the roundtable discussions will focus on the key developments and challenges facing insurance and retirement saving in the region.
- Tour de table: market and regulatory developments in Asia
- Insurance in a changing climate
- Financial protection gaps in retirement savings and insurance for natural hazards
- Pension challenges in Asia
- Leveraging technology to improve the delivery of insurance and pensions
- Enhancing the availability of long-term financial instruments for insurers and pension funds
The roundtable will bring together high-level government officials and experts from public authorities, including regulatory and supervisory authorities, relevant ministries, international organisations and standard setting bodies, the academic community, the private sector.
This event is co-hosted by the OECD, the Asian Development Bank Institute (ADBI), and Otoritas Jasa Keuangan (OJK), with sponsorship from the Government of Japan.
Agenda
Download the agenda here
OECD-ADBI-OJK Roundtable on Insurance and Retirement Savings in Asia
Sponsored by the Government of Japan
Registration
Participation is by invitation only.
Any enquiries should be addressed to Johanna Palmi, Johanna.Palmi@oecd.org
8:30-9:00 | Registration
9:00-9:30 | Opening Remarks
Tetsushi Sonobe, Dean, Asian Development Bank Institute (ADBI) (prerecorded) Yoshihiro Kawai, Interim Chair, OECD Insurance and Private Pensions Committee Mahendra Siregar, Chair of the Board of Commissioners, Financial Services Authority (OJK) (Indonesia)
9:30-10:45 | Session 1a: Tour de table: insurance market and regulatory developments in Asia
The Asian insurance and funded pensions markets are developing rapidly, including through product innovation and the adoption of new technologies. In tandem, authorities are developing new policies and regulations and taking action to meet the needs of growing markets and address key challenges. In this session, policy and regulatory authorities will be invited to present important insurance regulatory and market developments in their jurisdiction and to share challenges in responding to emerging risks and opportunities. Moderator: Joy Blessilda Sinay, Capacity Building and Training Economist, Asian Development Bank Institute (ADBI) Speakers Supawich Karoonworawong, Supervisor, Life Insurance Products Supervision Group, Office of Insurance Commission (Thailand) Sainzaya Erdenebileg, Referent, Insurance Market Department, Financial Regulatory Commission (Mongolia) Iwan Pasila, Deputy Commissioner for Insurance, Guarantee, and Pension Fund Supervision, OJK (Indonesia)
Open discussion
10:45-11:15 | Coffee break
11:15-12:30 | Session 1b: Tour de table: funded pension markets and regulatory developments in Asia
In this session, policy and regulatory authorities will be invited to present important funded pensions regulatory and market developments in their jurisdiction and to share challenges in responding to emerging risks and opportunities. Moderator: Pablo Antolin, Head, Insurance and Pensions Unit, Directorate for Financial and Enterprise Affairs, OECD Speakers Md. Golam Mostofa, Member, National Pension Authority, Ministry of Finnace (Bangladesh) Representative, Employees' Trust Fund/Ministry of Finance (Brunei Darussalam) (invited) Javed Akhtar Malik, Additional Director, Securities and Exchange Commission of Pakistan Nga Trinh Thu, Deputy Director General, Institute of Labour Science and Social Affairs, Ministry of Labor, Invalids, and Social Affairs (Vietnam)
Open discussion
12:30-14:00 | Lunch
14:00-15:30 | Session 2a: Insurance in a changing climate – the role of insurance in supporting climate mitigation
Insurance can make an important contribution to the transition to a lowcarbon economy through the products that they make available for low-carbon technologies, such as renewable energy and electric vehicles, and by potentially providing premium incentives in coverage 3 for activities that support climate mitigation. This session will examine some of the challenges in providing insurance coverage for technologies and activities that support the climate transition, potential opportunities to increase the availability of such coverage as well as approaches to enhancing the insurance sector contribution to climate change mitigation through its underwriting activities. Moderator: Timothy Bishop, Senior Policy Analyst, Directorate for Financial and Enterprise Affairs, OECD Speakers Wilfrid Goh (Head PSS Asia excluding China) and Director (Public Sector Solutions), Swiss Re Asia Hakimul Batih, Indonesia Program Local Representative, OECD Clean Energy Finance & Investment Mobilisation (CEFIM) Erik Koenen, Partner, Oliver Wyman
Open discussion
15:30-16:00 | Coffee break
16:00-17:30 | Session 2b: Insurance in a changing climate – responding to increasing flood risk
A changing climate is expected to increase the frequency and intensity of many types of climate-related hazards. Flood risk poses a particular challenge given the potential for more intense precipitation and rising sea-levels. Significant gaps in insurance coverage already exist for flood risks in many countries and are likely to be exacerbated as flood frequency and severity increases. This session will examine the potential role of flood risk insurance programmes in supporting broader insurance coverage of flood risk, encouraging risk reduction and limiting fiscal exposure. Moderator: Leigh Wolfrom, Policy Analyst, Directorate for Financial and Enterprise Affairs, OECD Speakers Chin Ching Lau, Director, Financial Development and Innovation Department, Bank Negara Malaysia Kaisamone Thiphavong, Senior Officer, Insurance Supervision Division, Department of State-Owned Enterprises Reform and Insurance, Ministry of Finance (Lao People's Democratic Republic) Kocu Andre Hutagalung, President Director, Maipark Indonesia
Open discussion
17:30–17:35 | End of day remarks, Yoshihiro Kawai, Interim Chair, OECD Insurance and Private Pensions Committee
19:00-21:00 | Dinner
8:30-10:15 Session 3: Financial protection gaps in retirement savings and insurance for natural hazards
Throughout their lifetimes, individuals face a range of risks against which financial tools such as insurance and funded pensions can provide financial protection. However, they are not always able or willing to use these tools, whether as a result of limited financial literacy or capacity, or due to a lack of available financial protection products. This can lead to financial protection gaps that can leave individuals under-protected and put their financial well-being at risk. Two major financial protection gaps that have been identified globally relate to retirement savings and insurance coverage for natural hazards.
This session will explore the extent of these two financial protection gaps in selected Asian countries.
Moderator
Pablo Antolin, Head, Insurance and Pensions Unit, Directorate for Financial and Enterprise Affairs, OECD
Speakers
Ibrahim Kholilul Rohman, Senior Research Associate, Indonesia Financial Group Progress (IFG Progress) Arturo S, Trinidad II, Director II r II - Technical Services Group, Insurance Commission (Philippines) Farizal Haron, Manager, Policy and Strategy Department, Employees Provident Fund (Malaysia) Thulaxi Janagan, Deputy Director, Department of Pensions, Ministry of Public Administration (Sri Lanka)
Discussant
Min Hung Cheng, Deputy Chief Executive Officer, Global Asia Insurance Partnership Open discussion
10:15-10:30 Keynote address: Financial protection gaps in retirement savings: a perspective from the United States
Ali Khawar, Principal Deputy Assistant Secretary, Employee Benefits Security Administration, Department of Labor (United States)
10:30-11:00 Coffee break
11:00-12:30 Session 4: Pension challenges in Asia
Beyond the financial protection gaps in retirement savings, additional challenges can impede the efficient delivery of pensions. These include issues related to investments, competition between market participants, communication with members, financial incentives, 5 leakages, or the provision of retirement income products. This session will identify the main challenges of selected pension systems and discuss how to improve them by strengthening the funded pension component.
Moderator/speaker
Stephanie Payet, Policy Analyst, Directorate for Financial and Enterprise Affairs, OECD
Speakers
Moch. Muchlasin, Head of Department of Guarantee, Pension Fund and Special Supervision, OJK (Indonesia) Adi Budiarso, Head of Financial Sector Policy Center, Fiscal Policy Agency, Ministry of Finance (Indonesia)
Discussant
Gai Omiya, Pension Bureau, Private Pension Division, Ministry of Health, Labour and Welfare (Japan)
Open discussion
12:30-14:00 Lunch
14:00-15:30 Session 5: Leveraging technology to improve the delivery of insurance and pensions
Technology can offer significant opportunities for improving the delivery of pensions and insurance, in particular its application to the administrative infrastructure and data collection. It can streamline system administration, facilitate the monitoring of the markets’ development, as well as be used to better target individuals to improve their financial outcomes. This session will explore examples where pension and insurance stakeholders are leveraging data and technology to improve the efficiency and operations of pension and insurance markets and the delivery of pensions and insurance to individuals.
Moderators
Stephanie Payet, Policy Analyst and Leigh Wolfrom, Policy Analyst, Directorate for Financial and Enterprise Affairs, OECD
Speakers
Pat Chin, Head of Healthcare Financing, Central Provident Fund (Singapore) Eric Cheng, Executive Director (Policy), Mandatory Provident Fund Schemes Authority (Hong Kong, China) Samuel Rhee, Co-founder & Chairman, Endowus (to be confirmed) Mohd Radzuan Mohamed, Chief Executive Officer, Malaysia Takaful Association
Open discussion
15:30-16:00 Coffee break
16:00-17:30 Session 6: Enhancing the availability of long-term financial instruments for insurers and pension funds
Insurance companies and pension funds are significant institutional investors as the result of the assets that they invest to meet their obligations to policyholders and beneficiaries. The investment capital and investment needs of insurance companies and pensions funds can make an important contribution to the deepening of capital markets and supporting economic growth and other policy objectives, although such investment may at times be subject to regulatory constraints. Insurance companies and pension funds also depend on the availability of suitable long-term investment instruments to provide a means to match the duration of their assets and liabilities.
This session will discuss some of the ways that policymakers, regulators and supervisors can support the availability of long-term investment instruments and the development of capital markets.
Moderator
Riznaldi Akbar, Senior Capacity Building and Training Economist, Asian Development Bank Institute (ADBI) Speakers Andy Budden, Investment Director, Capital Group Representative, Insurance Regulatory and Development Authority of India (invited) Representative, Asian Development Bank (invited)
Open discussion
17:30-17:40 Closing Remarks
Yoshihiro Kawai, Interim Chair, OECD Insurance and Private Pensions Committee Riznaldi Akbar, Senior Capacity Building and Training Economist, Asian Development Bank Institute (ADBI) Ogi Prastomiyono, Chief Executive of Insurance, Guarantee Institutions, and Pension Fund Supervision, Financial Services Authority (OJK) (Indonesia)
18:00-21:30 Cultural programme and dinner