Asia will drive the growth of the global insurance market in the years to come. Technological innovation along with solid financing and the right policies will be needed to make sure as many people as possible in the region get the insurance protection they need.
Arup Kumar Chatterjee
Arup Chatterjee is Principal Financial Sector Specialist at the Asian Development Bank responsible for leading financial sector development initiatives and providing operational support in financial sector reform and development, regulatory and supervisory oversight architecture, insurance, pensions, financial inclusion, and Fintech. In addition, he has advised on disaster risk financing, agriculture insurance, health insurance, pensions and social security reforms, SME financing, and Takaful in Asian, African, and Latin American countries.
In his over three and half decades of work, he has traversed across insurance and reinsurance operations, financial sector policymaking, and regulations in Asia, Africa, and Latin America.
He has earlier served with the International Association of Insurance Supervisors at the Bank for International Settlements in Basel, Switzerland, Insurance Regulatory and Development Authority of India, and the Ministry of Finance, Government of India.
Connect with Arup via Twitter @chatarup
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Innovative strategies are needed to provide social protections and insurance cover to daily wage earners, contract workers and others in the informal economy.
Small and medium-sized enterprises make up more than 96% of all Asian businesses. Their survival and resilience is essential for a green recovery.
Households and small businesses are being offered a dizzying array of financial assistance packages to survive COVID-19, but many lack the financial skills to judge if they are right for them.
The new Sendai framework for disaster risk reduction supports risk transfer and insurance to reduce the financial impact of disasters on governments and societies, especially in vulnerable developing countries.
Universal health coverage not only protects the majority of the population from experiencing catastrophic financial loss as a result of high out-of-pocket costs, but also promotes better quality of services and greater health equity.
Insurance is often viewed as a product of the sophisticated, capitalistic system of the West, and those who are outside this cultural group are less likely to value insurance protection. Asians, who rely on informal insurance such as a family network, are thus typically less focused on buying insurance.
Enabling new digital financial services models requires an open-minded approach to innovation, with sufficient certainty over the legal framework.