Asian Insurance Meet inaugurated

The Asian Insurance Meet has kicked off in Kathmandu today.

Minister for Finance Dr Prakash Sharan Mahat inaugurated the conference that brings together officials of the various regulatory bodies in insurance sector along with proprietors of insurance companies and their managers, insurance experts, brokerage firms and other stakeholders from the Asian countries.

In the event organized by the Nepal Insurance Authority, Minister Mahat in the inaugural session said, "All the stakeholders should work responsibly to ensure accessibility and expansion of insurance sector and smooth insurance service delivery.

He viewed that it was imperative to increase the access of insurance among the people to attain the Sustainable Development Goals (SDGs). Furthermore, he emphasized on coordination and collaboration to regulate the insurance sector.

According to him, regulatory insurance company, Reinsurer Company, insurance brokers among others were equally responsible for the transfer and management risks.

Furthermore, he viewed that all sides concerned were equally responsible to identify and address the new challenges in the insurance sector, transferring liability created by natural disasters and to increase fiscal literacy.

Similarly, Surya Prasad Silwal, Chairperson of the Authority, expressed the event would be useful in gleaning information about international practices in insurance sector as well as to establish relation between regulators and insurance companies of various countries.

The event is also expected to be useful in broadening the understanding about bearing and transferring of the liability risks of natural disasters induced by natural disasters induced by climate change.

Various thematic sessions would be organized in the three-day event for the participants to discuss challenges prevailing in the insurance sector. The participants are also expected to deliberate on the ways and means to address those challenges as well as to explore opportunities in the sector.

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