Announcement of TF/WG/SCs 2023/2024
Weare grateful for the unwavering support of our Member Companies, which has allowed us to continue our work and make a positive impact in the industry. This year’s annual nominations have once again received an overwhelming response, and we are thrilled to see the industry’s continued dedication to serving and collaborating. With thorough consideration by respective Chairmen, all Task Forces/Working Groups/Special Committees (TF/WG/SCs) are duly formed for the term 2023/2024. You may refer to our website for the latest list of Members (Circular Ref: Mv051/23).
Meeting with FSTB and InvestHK on Think Tank Proposals
Afterthe submission of full report with recommendations by the HKFI’s Think Tank on Reinventing Hong Kong’s International Insurance Hub (Think Tank) to the Financial Services and the Treasury Bureau (FSTB) and the Insurance Authority (IA) in early April 2023, we have lined up a series of engagement meetings with stakeholders.
We had an interactive dialogue with the Secretary for Financial Services and the Treasury Mr Christopher Hui and Permanent Secretary for Financial Services and the Treasury Ms Salina Yan on 13 June 2023. In addition to discussing the nine recommendations made by the Think Tank, we also exchanged views on issues surrounding the insurance industry and the Hong Kong economy at large.
Another engagement session took place on 27 June 2023, where we met with Head of Financial Services and FinTech of InvestHK Mr King Leung. We focused on how to bring the Think Tank’s recommendations to fruition and the way forward.
Green Insurance
On30 June 2023, Chairman of Task Force on Green Insurance Mr Eric Hui, Subgroup Convenors and Members exchanged thoughts on various industry updates and discussed the key findings of HKFI's consultancy study on Green Insurance, including the climate charter, climate reporting framework and climate data frameworks of property and health insurance.
We will release the final report of the consultancy study to all Members. This report is the culmination of extensive research and analysis. We believe that it will provide valuable insights and guidance to support industry efforts around sustainability, climate risk management and green insurance.
In the coming months, we will be hosting a series of training sessions on climate risk management, international sustainability disclosure standards, and the climate charter. These sessions will be an opportunity for Members to learn more about these important topics and to deepen their understanding of the challenges and opportunities presented by the transition to a more sustainable future.
Unilateral Recognition Insurance Products for Northbound Travel for Hong Kong Vehicles (Scheme)
Starting from 1 July 2023, Hong Kong private car owners or drivers will be able to enter Guangdong Hong Kong-Zhuhai-Macau Bridge in their own vehicles under the Scheme.
To equip the car owners / drivers with thorough information on the insurance arrangement concerned, we have stepped up our efforts on propagating points to look out for when taking out motor insurance for the northbound travel, the reason why unilateral recognition insurance products issued by Hong Kong insurers are preferred and the extended cover / and after-sales services rendered by Hong Kong motor insurers. For details, please refer to the dedicated website
Elite Talent Development Programme (ETDP) 2023/2024
Weare delighted to announce that our Elite Talent Development Programme (ETDP), our flagship talent development programme, has reached another milestone. On 28 June 2023, we celebrated the completion of the second cohort of the programme and welcomed the mentees of the third cohort at a vibrant gathering.
The ETDP has been designed to identify and nurture exceptional talent, providing them with the guidance and resources they need to reach their full potential. This year, 25 mentees from 18 Member Companies were selected to be paired up with 12 exceptional veteran mentors. We are exceedingly pleased to see these young executives with diverse background and expertise came together and aspired to broaden their horizons through learning from the forerunners. Congratulations to them for being selected to this prestigious programme and a sincere vote of thanks to the mentors for generously devoting their time and efforts in grooming the next generation of insurance professionals.
Communicating for Better Understanding
AtHKFI, we are committed to promoting insurance literacy and empowering individuals to make informed decisions about their insurance needs. We are thus delighted to reach a wider audience via different media platforms and help educate the public on the importance of protecting themselves and their assets through insurance.
Every Saturday between 10 June 2023 and 1 July 2023, we participated in a financial management programme《理財新 世代》at the RTHK and speak on various insurance topics. Chairman of HKFI Ms Orchis Li, LIC Chairman Mr Alger Fung, LIC Deputy Chairman Mr Clement Lam and HKFI Chief Executive Ms Selina Lau took turns and shared with the audience some useful tips and knowledge concerning life insurance, Investment-Linked Assurance Scheme (ILAS), retirement planning and medical insurance.
In recent months, we have also had the opportunity to participate in TVB’s programme “Big City Shop” (《 流行都 市》), where we shared our expertise on a range of insurance topics including medical, travel and home insurance.
EU/UK Regulatory Insurance Development
Covid is now largely behind us, but its impact on the insurance industry continues to be felt. To help our Members stay informed and up-to-date on the latest developments, we recently held a seminar on EU/UK Regulatory Insurance Development. Speakers from Steptoe & Johnson provided valuable insights into the regulatory framework in the European Union and the UK, as well as some COVID-related claim cases and the latest supervision measures regarding COVID claims in the UK.
Briefing on EV – The insurer’s perspective
Tohelp our General Insurance Members prepare for the popularization of electric vehicle (EV) and plan ahead for better risk management, we organized the above briefing on 7 June 2023. Two experts from Munich Re gave an overall view of the EVs market and its trend and identified the impact on insurance industry caused by this transformation. The participants found the presentation insightful. We will organize more of this kind in the future.
Hong Kong Insurance Awards 2023 and Lifetime Achievement Award
The Hong Kong Insurance Awards 2023 is calling for applications!
Deadline of entry submission for various categories and nominations for the Lifetime Achievement Award is 31 July 2023. Submit your entries now to showcase your outstanding accomplishments for the period between 1 July 2022 and 30 June 2023. You are also encouraged to nominate a distinguished industry member who have made substantial achievements and impactful contributions to the insurance industry in Hong Kong!
For details, please visit our official website. The Awards Presentation Ceremony cum Gala Dinner will be held on 25 October 2023 and table subscription is now available. Book your table now!
Signing of MoU among Guangdong, Hong Kong, Macau and Shenzhen on Insurance Dispute Resolution Mechanism
On29 June 2023, Insurance Complaints Bureau (ICB) Chairman Dr Pamela Chan represented the ICB at a signing ceremony held in Guangzhou and signed a Memorandum of Understanding (MoU) on Insurance Dispute Resolution Mechanism with the other three parties, namely the Guangdong Zhenghe Banking and Insurance Consumer Rights Protection Centre, Macau World Trade Center Arbitration Centre and Shenzhen Municipal Insurance Consumer Rights Service Centre.
With the full support from the insurance regulators of Guangdong, Hong Kong, Macau and Shenzhen, the MoU aims to advocate for collaboration among the quadripartite on consumer protection insurance dispute resolution and to build a mutually recognized insurance disputes resolution channel within the Greater Bay Area (GBA) for better protection of the insuring public.
Release of ICB Annual Report 2022/2023
The ICB Annual Report 2022/2023 has been released and can be downloaded from the website of ICB. Members may also click here for a glance and learn more about the latest updates of ICB.
Membership News
Change of Authorised Representative
General Insurance Member: Bolttech Insurance (Hong Kong) Company Limited – Mr Alister Musgrave
Life Insurance Member: DesJardins Financial Security Life Assurance Company – Ms Ko Mei Ying
HKFI Membership
As at 30 Jun 2023, the HKFI has 81 General Insurance Members and 54 Life Insurance Members.
