NEWS

Monday, 05 August 2024

EVENT TITLE: PLANADES ATTENDED THE INDONESIA RE INTERNATIONAL CONFERENCE (IIC) 2024.
ACCELERATING TRANSFORMATION IN INSURANCE INDUSTRY: DRIVING GROWTH, STRENGTHENING RESILIENCE

The Planning and Development Research Foundation, Inc. (PLANADES) represented by its Executive Director, Prof. Dr. Tabassam Raza and Engr. Dianne Joy Cathyrine Sanchez, Assistant Project Development Officer I participated in Indonesia Re International Conference (IIC) 2024, held on 24-25 July 2024 at the Hotel Westin – Grand Java Ballroom, Gama Tower, Jakarta, Indonesia. This year's conference theme, "Accelerating Transformation in Insurance Industry: Driving Growth, Strengthening Resilience," provided a comprehensive platform for discussions on the evolving landscape of the insurance sector. Mr. Mohammad Ahmad Bin Zahid, Director, Golden Combat Resources SDN. BHD. Kuala Lumpur and Associate to DSP. Bung Moktar Bin Radin former Deputy CM and Work Minister of Sabah State, was requested to participated in the conference and had a side meeting with PLANADES.

Day 1: 24 July 2024 - The conference opened with engaging participants in opening and keynote speeches, special remarks, and three panel discussion sessions. Prof. Dr. Raza, and Engr. Sanchez, represented PLANADES alongside with our associate Mr. Ahmad Zahid from Malaysia attended the said sessions. The Panel Discussions focused on current trends and future directions especially towards, Navigating Data Engineering Challenges in Insurance Industry; Business Transformation in Insurance; and Renewable Energy Insurance.  The special Remarks Ensuring Regulatory Compliance in Insurance Industry were presented by Robertus Billitea, Deputy for Law and Legislation at Indonesia’s Ministry of State-Owned Enterprise (SOE), emphasized the importance of aligning insurance companies with regulations such as the Personal Data Protection (PDP) Law, ISO 27001, IFRS 17, and POJK amid rapid industry transformation and technological advances to ensure legal compliance, consumer protection, and long-term sustainability.

The Panel Discussion titled "Business Transformation in Insurance: Empowering Growth, Delivering Durable Impacts," was moderated by Maria Elvida Rita Dewi, Director of Finance & Actuary at PT Reasuransi Indonesia Utama (Persero). The panel featured:

Hemant Nagpal, CPCU Are CCRA Regional Director Head of Catastrophe Analytics – Asia Pacific of Gallagher Re, who discussed the revolutionary impact of digital technologies on insurance, including automation, machine learning, and data analytics.

Nelson Tham, Senior Specialty Solution Manager of Swiss Re, who explored the transformation of underwriters into data scientists, enhancing risk management and customer service.

Ersa Tri Wahyuni, Associate Professor in Accounting at Universitas Padjadjaran, who addressed the implications of IFRS 17 on data governance and financial reporting.

Special remarks opening for last Panel Discussion of the day were delivered by Mari Elka Pangestu, an Indonesian Economist and former Managing Director at the World Bank. Her speech on "Disaster Risk Financing and Insurance" highlighted the fiscal risks from natural disasters and the need for tailored financial protection strategies.

The last Panel Discussion of the day titled "Renewable Energy Insurance: Addressing Climate Risk," was moderated by Syarifah Rahmah, News Anchor at CNBC. Key discussions included:

Agus Pratama Sari, CEO of Landscape Indonesia, who discussed Indonesia's climate transition under the Just Energy Transition Partnership (JETP) and the importance of transition finance and policy measures.

Putra Adighuna, Managing Director of Energy Shift Institute, who addressed the role of environmental insurance in managing catastrophic risks and supporting the transition to cleaner energy.

Prof. Dr. Tabassam Raza, Executive Director PLANADES contributed to the discussion on integrating disaster risk management (DRM) and climate change adaptation (CCA) into urban planning. He emphasized a holistic approach to building resilient urban environments, highlighting the role of planners and decision-makers in localizing DRR and CCA. Prof. Dr. Raza discussed the need for mandating DRR and CCA integration into local land use and development planning processes, including policy development, funding, investment, coordination, and monitoring. His action planning addressed gaps in renewable energy insurance, focusing on economic damage assessment tools and alignment with Sustainable Development Goals (SDGs). This approach supports Indonesia’s strategy for disaster resilience, exemplified by the Disaster Risk Financing and Insurance (DRFI) Strategy launched in 2018, and the World Bank’s issuance of a sovereign catastrophe bond providing the Philippines with USD 225 million for earthquake and tropical cyclone protection.

A question-and-answer session was run at the end of the panel discussion. Various questions were asked by the participants to clarify the points of view regarding Net zero emission by 2050. At the end of the panel discussion session the panel members were distributed awarded with the plaque of appreciation.

Day 2: 25 July 2024 - The second day featured a half-day conference, followed by a reception dinner showcasing Indonesian culture through various performances. This provided additional opportunities for networking and discussion. Prof. Dr. Raza was honored with an invitation by Mr. Nico Demus, Actuarial Division Head of Indonesia Re and a University of the Philippines Alumnus, further enriching the experience.

Prof. Dr. Raza Executive Director PLANADES had a sideline meeting with Mr. Mohammad Ahmad Bin Zahid Director Golden Combat Resources SDN. BHD. Kuala Lumpur and Associate to DSP. Bung Moktar Bin Radin former Deputy CM and Work Minister of Sabah State. The meeting was the continuation of the initiative taken in Bangkok during the DRSD-2023 Training program held from December 7 to 8, 2023 in Asian Institute of Technology.  Thus, the potential project initiation with PLANADES was discussed specifically agreed to develop a proposal to Mainstream Climate Change Adaptation and Disaster Risk Reduction in the Sabah State Sustainable Development Planning Process, Malaysia.  The meeting was a successful step forward for future collaboration in other related projects, programs and activities.

Prof. Dr. Raza was honored with an invitation by Mr. Nico Demus, Actuarial Division Head of Indonesia Re and a University of the Philippines Alumnus, further enriching the experience followed by a reception dinner showcasing Indonesian culture through various performances. This provided PLANADES an additional opportunity for networking and discussion.

Overall, the Indonesia Re International Conference offered valuable insights into the insurance industry's transformation, with a particular focus on digital advancements, cyber security, renewable energy, and disaster risk financing. Prof. Dr. Raza and Engr. Sanchez gained significant knowledge and networking opportunities, which will contribute to PLANADES' ongoing projects and initiatives.