November 28, 2025
PHNOM PENH – ASEAN insurance regulators opened their annual regional meeting in Siem Reap on November 27 with a united call to strengthen climate-risk protection, tighten digital oversight and prepare for fast-accelerating demographic changes, as Cambodia urged closer regional cooperation to build a more resilient insurance ecosystem.
Speaking at the opening of the 28th ASEAN Insurance Regulators’ Meeting (AIRM) and 51st ASEAN Insurance Council (AIC) Meeting, Ros Seilava, secretary of state at the Ministry of Economy and Finance and vice-chairman of the Non-Bank Financial Services Authority, said the sector now sits “at the front line of safeguarding economic stability” as the region faces increasingly complex risks.
He stressed that climate impacts are already becoming a major source of financial instability across ASEAN.
“Our region remains highly vulnerable to floods, storms, droughts and other extreme weather events,” he warned, noting that the ASEAN Taxonomy for Sustainable Finance must guide future investment and underwriting to improve long-term resilience.
Digital transformation also emerged as a critical priority, with insurers across the region rapidly adopting advanced analytics and artificial intelligence for underwriting, claims and customer engagement.
While acknowledging the opportunities, Ros Seilava warned that innovations must be balanced with oversight.
“These technologies bring concerns related to data privacy, cyber threats and responsible use,” he noted, adding that regulatory sandboxes play an essential role in ensuring safe innovation.
The region’s shifting demographics were another focal point.
By 2050, all ASEAN member states are projected to become ageing, aged or super-aged societies, with elderly populations collectively reaching 129 million.
Seilava explained that this will sharply increase demand for health insurance, long-term care and retirement products, while underscoring the need to expand coverage in countries where penetration remains low.
Cambodia, which posted projected economic growth of around 5 per cent in 2025, acknowledged its own domestic insurance gap.
Penetration currently stands at just 1.13 per cent, with density at $20.65 per person.
“These figures reflect both the essential role of insurance and the substantial potential for further development,” said Seilava, adding that improving public awareness, strengthening disaster-risk coverage and expanding digital distribution channels remain national priorities.
Bou Chanphirou, director-general of the Insurance Regulator of Cambodia, welcomed the delegates and highlighted the importance of regional solidarity amid rising uncertainty.
He described the meeting’s theme — “Fostering Collective Growth and Resilience to Overcome Emerging Challenges” — as “particularly timely”, given the simultaneous pressures of economic volatility, climate impacts, technological change and evolving consumer expectations.
“By working together, we can enhance regulatory frameworks, promote innovation and support the development of insurance markets that are both resilient and responsive to our people’s needs,” he said.
He also extended congratulations to Timor-Leste’s insurance regulator, participating for the first time as the newest member of the ASEAN family.
The ASEAN Insurance Regulators’ Meeting and the ASEAN Insurance Council brings together regulators, industry leaders and regional partners to align supervisory practices, share industry insights and support the development of a more integrated insurance landscape.
Cambodia values the platform as an opportunity to accelerate learning and strengthen its own market capacity.
As the meetings continue, officials expect discussions to focus on harmonising standards, enhancing climate-risk modelling, improving regulatory coordination on digital technologies and exploring new insurance solutions to meet the needs of ageing populations.
Seilava said he was confident the gathering would help ASEAN navigate emerging risks with greater readiness.
“The insurance sector plays a vital role in protecting our people, supporting businesses and contributing to regional resilience,” he said, as he declared the meetings officially open.