OJK Joins Global Asia Insurance Partnership to Bolster Regional Insurance Capacity

TEMPO.CO, Jakarta – The Financial Services Authority (OJK) has formally joined the Global Asia Insurance Partnership (GAIP), a step towards strengthening the insurance industry ecosystem in Asia and fostering international cooperation in addressing global challenges.

“Through this membership, we are committed to enhancing insurance capacity in the Asian region, narrowing protection gaps, supporting innovative solutions in the insurance sector, and collectively addressing various business challenges such as climate risks, digital transformation, and financial inclusion,” said Ogi Prastomiyono, OJK’s Executive Head of Insurance, Guarantee, and Pension Fund Supervision, during the announcement of OJK’s membership at the GAIP Summit held in Singapore, as cited from a statement on Friday, October 18.

The Global Asia Insurance Partnership is an international platform that brings together regulators, global insurance industry representatives, academics, and international organizations with a shared goal of transforming the insurance industry in the Asian region.

With the addition of OJK, GAIP now represents 11 regulators from various countries including Australia, Brunei, Chinese Taipei, India, Japan, the Philippines, Singapore, Sri Lanka, Thailand, Vietnam, and Indonesia.

One of GAIP’s primary objectives is to address the protection gaps prevalent in Asia through close collaboration and communication among stakeholders. This is especially crucial in the face of challenges such as climate change, natural disasters, and socioeconomic risks that impact people in the Asian region.

Ogi emphasized OJK’s active role in developing policies and implementing best practices to bridge insurance protection gaps. This initiative aims to improve access to inclusive and relevant insurance products for people in Indonesia and the broader Asian region, while also strengthening financial resilience and social protection.

“Collaboration is key to developing a sustainable insurance sector, and GAIP is the platform formed to realize this collaboration,” Ogi affirmed.

OJK will contribute to various pillars of the GAIP initiative, including The Living Lab, which focuses on research and analysis of current issues in the insurance industry; The Policy Think Tank, which provides a platform for regulators, industries, and academics to share policy inputs; and The Talent Development, which supports the development of talent in the insurance sector.

GAIP warmly welcomes OJK’s presence as a valuable addition to regional cooperation. It is anticipated that OJK’s membership will strengthen joint efforts to address the increasingly complex challenges posed by digitization, climate change, and global economic dynamics.

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