Vientiane (VNA) – A workshop on insurance and risk management in the energy and mining sectors was held on April 24 in Vientiane, Laos.
The event brought together Vietnamese Ambassador to Laos Nguyen Minh Tam and representatives from Lao ministries, the Laos – Vietnam Cooperation Committee, major insurers including DBV, Willis Towers Watson (WTW) and QBE, and regional energy and mining firms.
Experts said the sectors face mounting risks from price volatility, geopolitical risks, climate change impacts, and rising cybersecurity threats, making risk management more complex. While the global insurance market continues to grow, they stressed that firms must go beyond compensation-based insurance by integrating proactive risk management, technology and data analytics.
Discussions focused on insurance’s role in risk management, data-driven decision-making, cybersecurity risk management, third-party liability and international experience in handling large-scale risks.
Ambassador Tam noted that as the world accelerates its transition to green and sustainable energy, the workshop is highly relevant. He highlighted energy and mining as key pillars of Laos’ economy and said the country is advancing its goal of becoming a regional energy hub.
However, he warned that growing technical, financial, environmental and cyber risks could affect project sustainability and macroeconomic and social stability if not well managed. Therefore, the development of modern risk management systems, combined with advanced insurance and reinsurance solutions, will serve as an important “protective mechanism,” helping to strengthen resilience, reinforce investor confidence, and optimise the efficiency of resource utilisation.
He added that Vietnam – Laos ties continue to deepen, with energy cooperation being a key area. Vietnam is Laos’ second-largest investor, with major hydropower, renewable energy and cross-border power transmission projects helping unlock Laos’ energy potential and strengthen connectivity.
Participants also highlighted a shift from traditional insurance to predictive, preventive risk management. The workshop, bringing together regulators, experts, and both domestic and international enterprises, will serve as an important platform for sharing experiences, updating trends, and promoting concrete cooperative solutions in this field./.
