14 October 2024 

2.00pm – 3.30pm  

Closed Door Discussion [By Invitation Only] 
 

4.00pm - 4.10pm  

Opening and Welcome 

4.10pm - 4.30pm 

Keynote Address  
 

4.30pm - 5.30pm  

Protection Gaps – Just a buzzword?  
A protection gap is broadly defined as the gap between total economic losses arising from risk events and the losses for those events covered by insurance and other forms of financial protection. These gaps can arise from various risks, including natural catastrophes, mortality, health, retirement, etc. Despite numerous initiatives to reduce the gaps, they remain significant globally and continue to grow, exacerbated by factors such as climate change. This panel will explore the current landscape of protection gaps, discuss what has been done globally to address these issues and examine the effectiveness of these initiatives. The discussion will highlight the importance of understanding protection gaps, the need for a holistic approach, and the role of multi-stakeholder collaboration in bridging these gaps. 

The inaugural Global Asia Insurance Partnership (GAIP) Summit 2024, themed “Addressing Asia's Protection Gaps”, aims to tackle the pressing issue of Asia’s protection gaps.  Convened in partnership with the Insurance Development Forum (IDF), this summit aims to foster discussions on the imperatives, challenges, and necessary actions to address this critical issue, driving collaborative efforts across the public and private sectors. This event will convene industry leaders, policymakers, and experts. Through insightful keynote addresses, engaging panel discussions, and valuable networking opportunities, attendees will gain the knowledge and strategies needed to tackle these challenges and leverage the opportunities to close protection gaps across the region.
Agenda
** Program details are tentative and subject to updates.**

14 October 2024 

2.00pm – 3.30pm  

Closed Door Discussion [By Invitation Only] 
 

4.00pm - 4.10pm  

Opening and Welcome 

4.10pm - 4.30pm 

Keynote Address  
 

4.30pm - 5.30pm  

Protection Gaps – Just a buzzword?  
A protection gap is broadly defined as the gap between total economic losses arising from risk events and the losses for those events covered by insurance and other forms of financial protection. These gaps can arise from various risks, including natural catastrophes, mortality, health, retirement, etc. Despite numerous initiatives to reduce the gaps, they remain significant globally and continue to grow, exacerbated by factors such as climate change. This panel will explore the current landscape of protection gaps, discuss what has been done globally to address these issues and examine the effectiveness of these initiatives. The discussion will highlight the importance of understanding protection gaps, the need for a holistic approach, and the role of multi-stakeholder collaboration in bridging these gaps. 

Day 1 (14 October) 
2.00pm – 3.30pm
Closed Door Discussion [By Invitation Only] 

Day 1 (14 October) 
1. Opening and Welcome (4.00pm – 4.10pm)
2. Keynote Address (4.10pm – 4.30pm)
3. Protection Gaps – Just a buzzword? (4.30pm – 5.30pm)
A protection gap is broadly defined as the gap between total economic losses arising from risk events and the losses for those events covered by insurance and other forms of financial protection. These gaps can arise from various risks, including natural catastrophes, mortality, health, retirement, etc. Despite numerous initiatives to reduce the gaps, they remain significant globally and continue to grow, exacerbated by factors such as climate change.
This panel will explore the current landscape of protection gaps, discuss what has been done globally to address these issues and examine the effectiveness of these initiatives. The discussion will highlight the importance of understanding protection gaps, the need for a holistic approach, and the role of multi-stakeholder collaboration in bridging these gaps.
4. Tackling the Protection Gaps in Asia (5.30pm – 6.15pm)
The 2023 global protection gap arising from natural catastrophes alone was 69%, whilst the equivalent for the Asia Pacific region was 91%[2]. Asia faces unique challenges in addressing protection gaps due to its diverse geographical and economic landscape and dynamic development.
This panel will focus on specific initiatives in Asia aimed at reducing protection gaps, addressing the unique challenges, and overcoming the barriers to implementation. The panel seeks to shed light on effective strategies and collaborative efforts to enhance risk resilience in Asia.
5. Cocktail and Dinner (6.30pm onwards)

Day 2 (15 October) 
1. Welcome back and recap (9.30am – 9.40am)
2. Of Protection Gaps, the Climate, and where insurance fits in (9.40am – 10.30am)
Climate change exacerbates protection gaps, particularly in regions vulnerable to natural catastrophes. The increasing frequency and severity of climate-related events highlight the critical role of the insurance sector in ensuring continued economic and social development.
This panel will discuss the impact of climate change on protection gaps and the insurance sector's essential role(s) in managing these risks.
3. Morning tea break & networking (10.30am – 11.00am)
4. Of Health and Longevity, and where technology comes in to address the gaps (11.00am – 11.45am)
Health and retirement protection gaps are growing concerns, particularly in the context of ageing populations and increasing healthcare costs. Technology has the potential to address these gaps by enhancing insurance inclusiveness and accessibility.
This panel will explore how technological advancements are leveraged to narrow health and retirement protection gaps. It aims to highlight the imperative to drive for insurance inclusiveness in the face of growing gaps and the role technology can play in creating inclusive insurance solutions that cater to the needs of diverse populations.
5. Of NatCat Protection Gaps – Risk Reduction vs. Risk Financing (11.45am – 12.30pm)
Natural catastrophe (NatCat) protection gaps present significant challenges for many countries, especially those prone to disasters. This panel will focus on the comparative efficiency of risk reduction measures versus ex-ante risk financing strategies, including insurance vs. ex-post risk financing.
It will examine the role of prevention, mitigation, and adaptation efforts in reducing disaster impacts and the effectiveness of various risk financing tools such as insurance, contingent capital, and reserves. The panel will also discuss integrating these approaches to create a comprehensive risk management strategy that enhances resilience and minimises economic losses from natural catastrophes.
6. Lunch (12.30pm – 2.30pm)
7. The enabling environment to address protection gaps – what do we need? (2.30pm – 3.30pm)
Creating an enabling environment is crucial for effectively addressing protection gaps. This involves ensuring stakeholders have adequate awareness of risks, risk management tools, how insurance plays a critical role, and the right skills and talents to implement comprehensive risk mitigation strategies.
This panel will discuss the key components of an enabling environment and highlight the importance of cross-sector collaboration, capacity building and talent development, and the role of government, industry, and academia in fostering a supportive environment for addressing protection gaps.
8. Afternoon tea break & networking (3.30pm – 4.00pm)
9. Laying the foundation to address protection gaps (4.00pm – 5.00pm)
Addressing protection gaps requires a solid foundation built on appropriate data, advanced risk modelling capabilities, and the right tools and resources for stakeholders leveraging such data and risk modelling.
This panel will explore the importance of data-driven decision-making and risk modelling tools in identifying and addressing protection gaps. The panel aims to highlight the need for robust data and modelling frameworks and tools and the right talents and skill sets within the environment, which are the first steps in developing effective strategies to close protection gaps and improve overall risk resilience.
10. Closing remarks (5.00pm – 5.10pm)
11. Cocktail (5.30pm onwards)