A tripartite initiative between insurers, regulators, and academia in Asia has established a new platform to address structural protection gaps in the insurance space.

The platform was launched by Singapore Deputy Prime Minister and Coordinating Minister for Economic Policies and Minister for Finance Heng Swee Keat at the SIRC 2020 Re-Mind virtual conference.

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Dubbed as the Global-Asia Insurance Partnership (GAIP), this new platform will incubate novel risk financing solutions for emerging risks across the region, with the help digital revolution and other new technologies.

GAIP will also act as ‘policy think tank’ supporting Asian insurance regulators and policy makers. It will work to expand insurance coverage for long-term needs such as infrastructure, promote the use of technology and data in insurance, and facilitate global dialogue on strategic industry issues.

Additionally, the platform looks to create a pipeline of insurers with expertise in areas including big data and AI.

It will also aim to position the industry for the future as jobs are being transformed by technology.

GAIP will initially focus on risks caused by the Covid-19 pandemic and climate change and deliver actionable research insights, develop policy recommendations, and co-create innovative solutions for the region.

The new initiative is slated to start functioning from January next year.

International Association of Insurance Supervisors former secretary general Yoshihiro Kawai is the inaugural chairman of GAIP.

Founding partners of the platform includes AIA, AIG, Allianz, Manulife, Swiss Re, Prudential and Willis Towers Watson among others while supporting partners include insurers such as China Re, Nippon Life Asia Pacific and NTUC Income.