Second PIC Held in Korea After 40 Years Since 1985
Discussion on Common Challenges Facing the Asian Insurance Industry
The Life Insurance Association hosted the "Pacific Insurance Conference (PIC)" at the Grand Hyatt Hotel in Seoul on the 24th.
PIC is an international conference where top executives from the insurance industry across the Asia-Pacific region gather to discuss management issues and future strategies for the insurance sector and to explore avenues for cooperation. Since its inception in 1963, the conference has rotated among countries in the Asia-Pacific region and has been held biennially. This is the second time it has been held in Korea, following the first event in 1985.
This year’s PIC, themed "Transformative Leadership: Reaching New Heights in Insurance," was hosted by the Life Insurance Association of Korea and sponsored by major domestic and international insurance companies. The Asia Insurance Leadership Forum (AILF) organized the event in close cooperation with the General Insurance Association of Korea and the International Insurance Society (IIS).
Kim Cheolju, chairman of the Life Insurance Association, is speaking as a speaker at the "Pacific Insurance Conference (PIC)" held on the 24th at the Grand Hyatt Hotel in Seoul. Life Insurance Association
The event was attended by more than 400 CEOs and executives from over 80 companies, including major insurance companies, insurance associations, regulatory authorities, and asset management firms from 19 countries in the Asia-Pacific region, such as Korea, the United States, Japan, China, Hong Kong, Singapore, Taiwan, Malaysia, Indonesia, Vietnam, Thailand, the Philippines, India, Bermuda, and Mongolia. Yoon Hanhong, Chairman of the National Assembly’s Political Affairs Committee; Kwon Daeyoung, Vice Chairman of the Financial Services Commission; and Lee Byungrae, Chairman of the General Insurance Association of Korea, delivered congratulatory remarks and encouragement.
In his opening address, Kim Cheolju, Chairman of the Life Insurance Association, stated, "Our insurance industry is currently exposed to high volatility in the financial markets, an unpredictable trade environment, and geopolitical risks." He added, "This PIC will serve as an opportunity for leaders in the Asian insurance industry to discuss cooperative measures for the sustainable growth of the insurance sector and to strengthen mutual ties."
The conference featured in-depth discussions from an executive perspective on a range of topics, including growth strategies, capital management, risk and regulatory environments, digital transformation, and the use of artificial intelligence (AI) technologies, focusing on key issues commonly faced by the Asian insurance industry.
The regulatory authority session featured senior officials from Korea’s Financial Services Commission, Indonesia’s Financial Services Authority (OJK), Vietnam’s Insurance Supervisory Authority (ISA), and India’s Insurance Regulatory and Development Authority (IRDAI) as panelists. The panel discussed supervisory policy directions for maintaining the financial soundness and sustainable growth of insurance companies in the context of increasing volatility in global financial markets.
An Changuk, Director General for Financial Industry at the Financial Services Commission, emphasized that while the insurance reform process so far has focused on implementing International Financial Reporting Standards (IFRS17) and the Korea Insurance Capital Standard (K-ICS), it is now time to pursue more efficient capital management through rational regulatory improvements in response to the low interest rate environment. He also announced active support for insurers in discovering new growth drivers, such as digital transformation using AI and the convergence of finance and technology.
During the CEO Insights session, CEOs of global insurance companies shared their views on trends and challenges in the insurance industry and discussed priorities in insurance management. Fisher Zhang, Regional Chief Executive of AIA, highlighted the significant "shared value" that can be created when governments and the insurance industry work together to address important social needs.
The Insurance Association session, attended by the heads of insurance associations from Hong Kong, Indonesia, and Malaysia as panelists, was chaired directly by Chairman Kim. Budi Tampubolon, Chairman of the Indonesian Life Insurance Association, stated that Indonesia is playing a bridging role between the life insurance industry and the regulatory authorities ahead of the introduction of IFRS17 in 2027, and expressed a desire to learn from Korea’s successful implementation of the system.
Starting with this event in Seoul, PIC will be held every two years in major cities across Asia.
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