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Sunday, 11 August 2013

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17th ICDC Congress in Colombo

The Insurance Association of Sri Lanka on the invitation of the Association of Insurers and Reinsurers of Developing Countries (AIRDC) will host the Insurance Congress of Developing Countries (ICDC) conference for the first time in Sri Lanka.

The Congress will take place from September 29 to October 1.The ICDC conference is an important event in the global insurance landscape with previous congresses being held in Asia, South America and Africa.

The 17th ICDC will be held in Colombo on the theme 'Enhancing Insurance Penetration in Emerging Economies'. Many industry leaders and practitioners will share their experiences at this event.

The Congress will provide a platform for all participants to enhance their knowledge on current and future trends of the insurance industry and serve as a platform for high-level discussions and networking among industry colleagues.

In a recent report by the global ratings agency Fitch, Asian economies constituted 33% of the global economy and 59% of the world's population.

However, the total insurance penetration rate in Asia was 5.7% in 2012, compared with 8% in the US and 11.3% in the UK.

Three of the most populated emerging markets in Asia: China, India, and Indonesia, had relatively low penetration rates (from 4%-8%). These markets, with rising household income and rapid industrialisation, are home to 69% of Asia's population.

Reinsurance coverage in Asia remains small compared with global reinsurance coverage. Asia and Australia are estimated to contribute about 10%-15% of global reinsurance premia, according to industry projections and the International Association of Insurance Supervisors.

SJ

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