economic cost of catastrophes in Asia Pacific
GAIP is a leading global Centre of Excellence in insurance and risk management, with a focus on Asia. It is a tripartite partnership between the global insurance industry, regulators and policymakers, and academia, to build long-term resilience and close the protection gap in Asia.
GAIP will empower the insurance industry and regional policymakers to address both existing and new protection gaps in the region. Climate risk and pandemic risks have been identified as the two initial focus areas of the GAIP.
The GAIP consists of three pillars to drive significant synergies. The three pillars are as follows:
- Living Lab
- Provide scale and a utility approach to collectively incubate innovative insurance solutions for key risks confronting the region (i.e. longstanding problem areas which need new approaches, technology and data such as longevity, health) as well as new and emerging risks (e.g. environmental liability and climate change risk, Industry 4.0 risks). The Living Lab seeks to tackle market-wide issues that cannot be dealt with by a single company, and will set the foundation for insurers to create innovative solutions to address key risks confronting the region.
- Policy Think-Tank
- Conduct independent research to support policy decisions in assessing, quantifying, and mitigating emerging risks in the insurance industry.
- The Policy Think-Tank will be a first-of-a-kind platform for industry to engage and coordinate with regulators to generate neutral, practical research and advice on policy pertaining to key risks and issues in Asia (e.g. infrastructure, insurtech, retirement). It will also inject an active Asian voice and agenda, which is currently missing from key global insurance think tanks and bodies.
- Talent Development
- Grow a pipeline of skilled insurance talent with cutting edge skills in emerging areas like big data and artificial intelligence across the entire career pathway to meet the demands of the region’s growing insurance markets.
GAIP will look at climate and deliverables include having better data and climate indices that can support more accurate risk modelling pricing and solutions. The GAIP policy think tank, which involves regulators, would also closely examine climate risk liability pricing approaches.