New Governing Committee
The Annual General Meeting (AGM) held on 30 April 2021 approved the formation of the new Governing Committee of the Federation for 2021/2022 as follows:
Chairman
Mr Edward Moncreiffe
Deputy Chairman
Ms Winnie Wong
Members
Mr P L Chan
Mr Damien Green
Mr Eric Hui
Mr Mike Lee
Ms Orchis Li
Mr Ivan Tam
Ms Sally Wan
Mr Derek Yung
HKFI being the PSI Supporting Institution
HKFI has become a supporting institution of the United Nations Environment Programme’s Finance Initiative (UNEP FI) as the newest supporting institution of the Principles for Sustainable Insurance (PSI). We are delighted to join the list of reputable organisations to support the PSI and its meaningful vision.
With the common goal of promoting green and sustainable insurance, the dedicated Task Force set up on the subject is working in four directions under the green agenda. Going forward, we will play a facilitating role in ensuring the sustainable development of our industry by embracing this long-term global agenda for our community.
Joint Subcommittee on Issues Relating to Insurance Coverage for Transport Sector
On 7 April 2021, HKFI representatives joined the second meeting held by the Joint Subcommittee on Issues Relating to Insurance Coverage for the Transport Sector of the Legislative Council. We explained the prevailing problems faced by insurers and suggested some viable solutions to tackle the pain points in different stages of the value chain. We stand ready to work in collaborative efforts with the lawmakers, the Administration, IA and the public transport sector. Further discussion will take place in early May on measures to eradicate insurance frauds and champerty relating to the transport sector.
HKFI Elite Talent Development Pilot Programme
This is the first-ever mentorship programme launched by the HKFI with an aim of passing down the business wisdom and profound experience of the insurance veterans to the younger generation. The pilot programme is well received by our members. 17 pairs of mentor-mentee have been matched. In the next 12 months, mentees will make good use of this opportunity to learn and gain substantial insights from their seasoned mentors through the Programme.
More details are available at the official website (www.hkfi.org.hk/etdprogramme/).
Training Session on ORSA Report
Enterprise Risk Management (ERM) is a key pillar of corporate governance of insurance company, insurers are required to submit the first ORSA report by June 2021. While insurers are busy preparing for the risk based capital solvency assessment, the HKFI has taken a step further to facilitate Members’ compliance with the relevant requirements by organizing two training sessions on 10 May 2021. KPMG Hong Kong and PwC Hong Kong will provide detailed presentations on the related topics for Board Members, CEOs and Senior Executives.
We are pleased to invite the IA CEO Mr Clement Cheung to deliver the opening remarks for the event. More details are available in Circular Ref: Mv029/21.
Market Research
Ourappointed consultant Nielsen has just completed the fourth industry-wide market research for our industry. A webinar will be held on 5 May 2021 to present some noteworthy findings / observations that Member Companies may find insightful for formulating future business strategies (Circular Ref: Mv030/21). For those Members who subscribed for more detailed analytics on company basis, tailor-made analysis is now being distributed in batches.
Insurance Awards 2021
Weare organizing this signature industry event for this year! More exciting categories will be rolled out to recognize the outstanding accomplishments of insurance companies and teams as well as individual practitioners. Application will open in early June and the Awards Presentation cum Gala Dinner is tentatively scheduled for 28 October 2021. Details will be available in the coming weeks.
CPD Webinar on IA’s Direct Licensing Regime (DLR) – Internal Investigation in the Context of Regulatory Process
The above Webinar was successfully held on 16 April 2021. Sincere thanks to MinterEllison LLP for their kind sharing on the overview of the subject, points to look out for and actions to be taken. The Webinar was well attended by more than 260 participants from 60 Member Companies and non-HKFI members. Our Training Unit will line up more informative sessions in the coming months. Stay tuned!
Extension of Free Job Postings
LastOctober, we announced an extension of the complimentary job posting service at the HKFI recruitment platform ( http://insurancejobs.hkfi.org.hk) dedicated for the insurance industry amid the COVID-19 outbreak. In view of the persistent pandemic situation, we decided to further extend the complimentary job posting service for HKFI Members by 6 months. We will continue supporting our Members during this trying time. Don’t miss the chance to utilize this free platform to attract new blood!
Sleeves up. Gear up for business
To safeguard public health and allow the gradual resumption of normal activities in the society, the Government has further expanded the territory-wide COVID-19 Vaccination Programme to under 30s. Recently, leaders and association members of the financial sector have got together to support the Programme. Practitioners and friends of the industry are encouraged to get vaccinated and continue taking precautions to help suppress the spread of COVID-19 pandemic. Watch the video initiated by the Financial Services Development Council and act now!
Acknowledgement from HKFI Chairman
Today is the last day I serve the HKFI as Chairman. I would like to express my gratitude to my fellow colleagues on the Governing Committee, the General and Life Insurance Councils, Task Forces, Technical Associations, Working Groups, the secretariat staff and friends within and outside the Federation. With your unwavering support, the Federation is able to accomplish numerous projects and initiatives. Click here to see the activities undertaken by the Federation over the past 12 months. We look forward to your continued support!
Eric Hui HKFI Chairman
2021/2022 General Insurance Council
May we offer our best wishes to the newly-formed General Insurance Council:
Elected Councillors
Mr Ivan Tam (Chairman)
Chevalier Insurance Company Limited
Ms Sally Wan (Deputy Chairman) AXA General Insurance Hong Kong Limited
Mr P L Chan
China Taiping Insurance (HK) Company Limited
Mr Kelvin Cheung China Ping An Insurance (Hong Kong) Company Limited
Mr Eric Hui
Zurich Insurance Company Limited
Ms Joyce Lau Target Insurance Company Limited
Mr Terence Leung Dah Sing Insurance Company (1976) Limited
Mr Sheung-kin Li
Mr Weijiang Lin
Sompo Insurance (Hong Kong) Co Ltd
Bank of China Group Insurance Company Limited
Mr Andrew Merrilees Bupa (Asia) Limited
Ms Kelly Mok
Ex-officio Councillors
Ms Winnie Wong
Ms Fanny Fung
Mr Clement Hau
Mr Patrick Wong
Ms Emily Li
Prudential General Insurance Hong Kong Limited
Immediate Past Chairman
Accident Insurance Association Chairman
Fire Insurance Association Chairman
Marine Insurance Association Chairman
Medical Insurance Association Chairman
Ms Polly Ho Reinsurers’ Forum Convenor
Technical Associations
T he various Technical Associations have also elected their respective Deputy Chairmen / Deputy Convenor as follows:
Accident Insurance Association
Fire Insurance Association
Marine Insurance Association
Medical Insurance Association
Reinsurers’ Forum
Ms Peggy Ng
Mr Jeffery Chan
Mr Timothy Lee
Ms Pian Lai
Mr Andrew Mak
2021/2022 Life Insurance Council
A lso, we would like to extend our best wishes to the following members of the newly-formed Life Insurance Council:
Elected Councillors
Ms Orchis Li (Chairman)
General Reinsurance AG
Mr Mike Lee (Deputy Chairman) YF Life Insurance International Limited
Mr Alfred Cheung BOC Group Life Assurance Company Limited
Mr Alger Fung
AIA International Limited
Mr Damien Green Manulife (International) Limited
Mr Clement Lam
Mr Simon Lam
Mr Ellick Tsui
Ms Sally Wan
Mr Jacob Wong
Mr Derek Yung
Ex-officio Councillor
Mr Edward Moncreiffe
Membership News
Change of Authorised Representative
Sun Life Hong Kong Limited
Munich Reinsurance Company Hong Kong Branch
FTLife Insurance Company Limited
AXA China Region Insurance Company (Bermuda) Limited
China Taiping Life Insurance (HK) Company Limited
Prudential Hong Kong Limited
Immediate Past Chairman
● FWD General Insurance Company Limited (General Insurance Member) – Mr Laurence Luk
● Munich Reinsurance Company Hong Kong Branch (General Insurance Member) – Mr Chris Wang
● Tugu Insurance Company Limited (General Insurance Member) – Mr Pang Kwok Keung
● United Builders Insurance Co., Ltd. (General Insurance Member) – Mr Wong Wing Kin Josiah
HKFI Membership
As at 30 April 2021, the HKFI has 87 General Insurance Members and 52 Life Insurance Members.
Mr Mike Lee Ms Orchis Li Mr Ivan Tam Ms Sally Wan