3 weeks ago
14
October 20, 2024 | 06:10 pm
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) has formally joined the Global Asia Insurance Partnership (GAIP), a step towards strengthening the insurance industry ecosystem in Asia and fostering international cooperation in addressing global challenges.
“Through this membership, we are committed to enhancing insurance capacity in the Asian region, narrowing protection gaps, supporting innovative solutions in the insurance sector, and collectively addressing various business challenges such as climate risks, digital transformation, and financial inclusion,” said Ogi Prastomiyono, OJK's Executive Head of Insurance, Guarantee, and Pension Fund Supervision, during the announcement of OJK’s membership at the GAIP Summit held in Singapore, as cited from a statement on Friday, October 18.
The Global Asia Insurance Partnership is an international platform that brings together regulators, global insurance industry representatives, academics, and international organizations with a shared goal of transforming the insurance industry in the Asian region.
With the addition of OJK, GAIP now represents 11 regulators from various countries including Australia, Brunei, Chinese Taipei, India, Japan, the Philippines, Singapore, Sri Lanka, Thailand, Vietnam, and Indonesia.
One of GAIP's primary objectives is to address the protection gaps prevalent in Asia through close collaboration and communication among stakeholders. This is especially crucial in the face of challenges such as climate change, natural disasters, and socioeconomic risks that impact people in the Asian region.
Ogi emphasized OJK's active role in developing policies and implementing best practices to bridge insurance protection gaps. This initiative aims to improve access to inclusive and relevant insurance products for people in Indonesia and the broader Asian region, while also strengthening financial resilience and social protection.
“Collaboration is key to developing a sustainable insurance sector, and GAIP is the platform formed to realize this collaboration,” Ogi affirmed.
OJK will contribute to various pillars of the GAIP initiative, including The Living Lab, which focuses on research and analysis of current issues in the insurance industry; The Policy Think Tank, which provides a platform for regulators, industries, and academics to share policy inputs; and The Talent Development, which supports the development of talent in the insurance sector.
GAIP warmly welcomes OJK's presence as a valuable addition to regional cooperation. It is anticipated that OJK's membership will strengthen joint efforts to address the increasingly complex challenges posed by digitization, climate change, and global economic dynamics.
Editor's Choice: OJK Aims to Issue Mandated Vehicle Insurance Coverage by January 2025
Click here to get the latest news updates from Tempo on Google News
Today's Top 3 News: 8 Most Beautiful Places in Melbourne
18 jam lalu
Here is the list of the top 3 news on Tempo English today.
Prabowo-Gibran Inauguration: Australia's Deputy Prime Minister Confirms Attendance
1 hari lalu
Australia hopes to work closely with Prabowo's administration in the fields of economy, security, and human resources development.
Today's Top 3 News: Top 10 Smartest Dog Breeds, the Most Calm and Intelligent
1 hari lalu
Here is the list of the top 3 news on Tempo English today.
The Taspen Pension Fund Time Bomb
2 hari lalu
The KPK uncovered alleged embezzlement of the Taspen pension fund involving Sinarmas Sekuritas. The result of poor supervision by the OJK.
8 Quiet Cafes in Singapore to Escape the Noise
2 hari lalu
Let's take a look at these eight quiet cafes in Singapore where you can sink into your peace of mind.
Top 10 Best New Restaurants in Singapore in October 2024
2 hari lalu
Singapore's cuisine is one of the most highlighted parts during vacation time, consistently serving excellence beyond the roof.
Today's Top 3 News: 10 Asian Countries That Celebrate Halloween
2 hari lalu
Here is the list of the top 3 news on Tempo English today.
8 Most Beautiful Places in Melbourne
3 hari lalu
Tempo will talk about the 8 most beautiful places in Melbourne, Australia. Discover them here!
Top 8 Best Beaches in Australia's NSW for Your Next Seaside Escapes
3 hari lalu
New South Wales is home to stunning coastal gems. From Bondi Beach to Coogee Beach, let's explore some of the best beaches in NSW here!
7 Best Places to See October Supermoon in Australia
4 hari lalu
As October's supermoon approaches, enthusiasts across Australia are gearing up for a celestial spectacle.
