SINGAPORE - Global leaders in the insurance industry convened in Singapore on Wednesday as international insurance think tank Geneva Association (GA) holds its 42nd General Assembly here.

This is the first time that Singapore is playing host, and the second time that the event is being held in Asia. The four-day event is in collaboration with the Monetary Authority of Singapore (MAS) and fund manager ACR Capital Holdings (ACR).

Prime Minister Lee Hsien Loong will host the delegates at the Istana and Deputy Prime Minister Tharman Shanmugaratnam will deliver the keynote speech at the assembly.

Formed in 1973, the assembly is the world's foremost gathering for international insurance industry leaders. It gathers over 50 of the key decision makers in insurance to discuss economic and strategic challenges facing the industry, and analyses how insurers can actively contribute to practical solutions.

MAS managing director Ravi Menon noted in a joint press release on Wednesday that Asia is one of the fastest growing insurance markets. As Singapore is the leading insurance and reinsurance centre in Asia, he believes that there are areas for contribution.

"We want to help increase penetration rates in traditional lines of business as well as facilitate innovative risk reduction and risk transfer solutions in newer areas such as natural catastrophe risk and cyber risk," he added.