The 16th ASEAN Insurance Regulators’ Meeting (AIRM 16) and the 39th ASEAN Insurance Council Meeting (AIC 39) opened in the central city of Da Nang on December 5.

Opening the events, Finance Minister Dinh Tien Dung said that insurance is part of ASEAN’s financial cooperation, which has reaped significant outcomes in the past.

The bloc has worked with China , Japan and the Republic of Korea to set up a multilateral currency swap fund worth 240 million USD to prevent payment risks and a roadmap for the development of the bond market. ASEAN and these Northeast Asian countries also cooperated with the 700 million USD Asia Development Bank to establish the Credit Guarantee and Investment Facility, he added, considering these as highlights in the region’s integration process.

At the meetings, 200 representatives from ASEAN members announced the development of their countries’ insurance markets, and reviewed compliance to international insurance regulations, the implementation of protocols within the ASEAN Framework Agreement on the Facilitation of Goods in Transit, and intensified cooperation in insurance workforce training.

At the AIC, the delegates are set to share experience in overcoming challenges amid economic hardship and developing new insurance products. They will also submit proposals to the AIRM to tackle existing problems in the development of the regional insurance industry.

Formed in 1993, Vietnam’s insurance market has experienced considerable developments.

According to its commitments to the international community, Vietnam is encouraging the operation of insurance companies, both domestic and foreign ones. The country also plans to restructure its businesses in this field to enhance their financial strength, payment capacity, and management and service quality.

The meetings will conclude on December 6.-VNA