- Virtual Meeting of AGCIA held on Jan. 26, 20212021-01-26
Virtual Meeting of AGCIA, held on Jan. 26, 2021.
(From the upper-left : Mr. Beom-soon Jeong of SGI, Mr. Alexander L. Reyes of National Re, Mr. Moo-seop Lee of Korean Re, Mr.Nguyen Quang Hung of Baoviet, Mr. HuynhQuoc Viet of BIC, Mr. Cheng Yan of Tianan Property, Mr. Wang Chuan Hai ofGongbao Technology, Mr. Bai Ru Liang of China United Property, Mr. Ketut P.Swatika of Sinarmas, Mr. Kwang-yeol Yoo of SGI).
On January 26, 2021, thefirst live-stream virtual meeting was held among the members of AGCIA. Ninemembers from five different countries (China, Vietnam, Korea, Philippines, andIndonesia) joined the virtual room from each of their respective offices. Anewly sought measure adopted by AGCIA to safely connect with overseas membersamidst the Corona-19 pandemic. In the headquarters of SGI, where the SecretariatOffice is located, simultaneous interpretation booths were set up in fourdifferent languages.
The meeting began withan opening address by Kwang Yeol Yoo, the President & Chairman of AGCIA,followed by greetings from Representatives of each member companies. The agendawas to go over the business plan for 2021 and invite members to share ideasregarding ways to facilitate partnerships and new business opportunities.
The Secretariat officeintroduced “researching guarantee insurance market of member countries” and“recruiting new members” as the key business plan for 2021. The goal being toaccumulate knowledge of Asian markets while broadening the networking scope.
The members of AGCIAexchanged the current status of Covid-19 and its impact on the country. Mr.Nguyen Quang Hung of Baoviet explained “In Vietnam, the medical cost forCorona-19 is funded by the government. In light of the growing interest,however, an insurance product that covers the risk of Corona-19 is being underconsideration” But the general consensus among members affirmed that so far,the guarantee and credit industry did not show signs of material damage causedby Corona 19.
Afterwards, there was anopen discussion regarding business cooperation strategy. “Establishing a commonstandards for measuring risks would facilitate future cooperation amongmembers” suggested Mr. Alexander L. Reyes of National Reinsurance of thePhilippines. Mr. Ketut of Sinarmas further added “Forming a reinsurance poolcould be another way of distributing risks.” The new ideas presented today willbe subject to further review at the next Annual General Meeting.
“Virtual meeting was aninevitable choice amidst the Corona-19, but we are glad to finally connect withmembers face-to-face and sincerely hope to meet in person this September”stated Kwang-Yeol Yoo, the President & Chairman ofAGCIA.