EAIC Taipei Declaration: Increasing regional co-operation and expanding membership

The Members of the Executive Board of the EAIC and all Chief Delegates of the member cities agreed to increase regional business co-operation within the region and to expand the membership of the EAIC to include the cities in markets not yet members of the grouping.

They also agreed to set up an EAIC-Under 35 Group to attract and develop the pool of young talent and professionals to be more engaged and active in EAIC matters.

Looking ahead there are numerous challenges with the changing risk profile, regulatory developments, climate change, rising severity and frequency of NAT CATS, cyber threats and other enhanced risk factors.

To cope with these challenges the Conference agreed that the industry must take urgent and concrete steps to:

(i) Be more risk aware, risk conscious and innovative in launching new products to meet the changing risk environment;

(ii) Employ scientific and actuarial models to price the risks more accurately;

(iii) Promote the benefits of insurance to society more widely and intensify consumer education efforts in all member cities.

(iv) Nurture the next generation of human capital and expertise needed to support business growth; and

(v) Be focused on technical results with strict underwriting disciplines and the necessary risk management systems in place;

These measures to be taken individually and collectively by insurance and reinsurance companies and the markets in the Grouping will lead to a stronger insurance industry that will be inclusive and ready to face the winds of change head-on.

Source: eDaily