The 15th International Conference on Inclusive Insurance for Emerging Markets kicks off in Dhaka today. Prime Minister Sheikh Hasina is expected to inaugurate the three-day international conference to be held at the Pan Pacific Sonargaon Hotel in the capital.
Finance Minister AHM Mustafa Kamal, Chairman of Microinsurance Network of Luxembourg Doubell Chamberlain, Chairman of Munich Re Foundation of Germany Thomas Loster, Chairman of IDRA Shafiqur Rahman Patwary, Senior Secretary of Financial Institutions Division Asadul Islam and President of BIA Sheikh Kabir Hossain, among others, will remain present in the programme.
Bangladesh Insurance Association (BIA) and the Microinsurance Network are jointly organising the conference aiming at identifying ways of accelerating growth and economic viability in inclusive insurance for emerging markets. Approximately 450 experts from around the world will participate in the conference. According to the conference website, the inclusive insurance sector has experienced persistent growth in client outreach and premium volumes over the past ten years.
Today, nearly 300 million low-income citizens in developing countries are covered by an insurance policy. New technologies are boosting market coverage. In Asia alone, the number of people insured through mobile phones exceeds 40 million. Furthermore, the G7 has decided to insure 400 million people against climate risks by 2020. Nonetheless, many people are still without cover or alternative risk management options.
With the global middle class expected to grow to nearly five billion within two decades, we are looking at billions of people who are without a formal safety net from insurance and hence at risk of falling back into poverty.
The need to respond to this situation by understanding the role of insurance for sustainable development and the management of climate risks, improving supply, heightening the awareness of insurance, creating the right regulatory framework and better understanding the particular needs of the low income population is the main focus of the conference.
Representatives from insurance and reinsurance companies, distribution channels, investment funds, international organisations, NGOs and development-aid agencies, as well as academics, policymakers and supervisory regulators, from around 50 countries will attend the conference.
Attendees will exchange views on current growth trends and risks in emerging markets and discuss key factors for successful implementation and maximised business opportunities to bring supply and demand to the next level. The conference features panel discussions on key topics addressing an interdisciplinary audience while additional working group sessions will deal in depth with subtopics.
Interactive sessions to be hosted by partner organisations of the 15th International Conference on Inclusive Insurance will be a key part of the conference, facilitating dialogue in small groups on emerging issues. Keynote speeches will look at the latest international, national and local insights.
