By Arup Kumar ChatterjeeInsurance companies, pension funds, and other institutional investors in Asia and the Pacific can pave the way to a resilient and sustainable future. Reaching this new age, however, will require greater use of insurance companies, pension funds, and other institutional investors to tap the region’s well-known and huge pool of savings. Social insurance schemes such as unemployment and health insurance or sovereign insurance schemes for natural catastrophes are absent or underdeveloped. Existing social insurance, like unemployment coverage, offers little support, as it is not designed to cushion short-term income fluctuations. We need to look to insurance companies, pension funds, and other institutional investors to access the region’s huge pool of savings for a resilient and sustainable future.

Source: The Nation August 08, 2021 18:33 UTC