Appointments to Insurance Authority (IA)
On 17 December 2021, the HKSAR Government announced the new appointments and re-appointments to the IA for a term of three years. We congratulate Mr Stephen Yiu for being appointed the IA Chairman and welcome the appointments of eight new Non-Executive Directors (NEDs) and re-appointments of four incumbent NEDs. Working on the solid collaborative foundation we have built over the years, we look forward to continuing our cordial working relation with the IA in fostering the sustainable growth of our industry.
At the same time, we would like to register our most sincere gratitude to Dr Moses Cheng, the outgoing IA Chairman, for his exemplary contributions to our industry over the past six years. Our earnest appreciation also goes to the six outgoing NEDs for their tireless efforts in supporting the industry.
2021 Legislative Council (Legco) General Election
Our heartiest congratulations to Mr K P Chan for being reelected to the Legco as Councillor of the Insurance Functional Constituency while Mr P L Chan for being elected as Councillor of the Election Committee Constituency.
Prior to the general election polling held on 19 December 2021, the HKFI organized five sessions for voters from the insurance sector, HKFI Members and representatives of insurance industry bodies to meet the candidates of the Insurance Functional Constituency and the Election Committee Constituency.
Meeting with Labour and Welfare Bureau (LWB) and FSTB
On 8 December 2021, representatives of the Life Insurance Council met the Secretary of Labour and Welfare Dr the Hon Law Chi Kwong and his team and official from the FSTB to obtain clarifications and initial directions from the Government on MPF asset conversion to annuity.
During the meeting, we offered to share the industry’s extensive researches and studies on retirement planning and expressed our keen interest to further develop sustainable retirement propositions for the people of Hong Kong. Meanwhile, we were given to understand that an intergovernmental Working Group (WG) amongst the LWB and FSTB will be conducting research studies on this topic. We hope to contribute our experience and expertise to the exercise.
Increase of Jurisdiction Limit of Insurance Complaints Bureau (ICB)
The jurisdiction limit of ICB has remained at HK$1 million since 2016. In view of the increasing trend in the overall sum insured and benefit cover, the ICB has decided to increase its jurisdiction limit to HK$1.2 million effective from 1 January 2022. Going forward, ICB is committed to constantly reviewing the jurisdiction limit in order to keep it in line with the changing market situation.
Asian Insurance Forum (AIF)
The IA’s annual flagship event AIF 2021 was held on 7 December under the theme of “Opportunities and Challenges in the Post-pandemic New Normal”.
This year, HKFI Chairman Mr Edward Moncreiffe was one of the panel speakers at the discussion on “Positioning Hong Kong in the Dual Circulation Economic Strategy” moderated by Mr Laurence Li, Chairman of Financial Services Development Council, and shed light on the topic. Chairman of Task Force on Green Insurance Mr Eric Hui also joined Mr Christopher Hui, the Secretary for Financial Services and the Treasury, and other industry’s top executives at the panel discussion on “Mitigating the Impact of Climate Change with Green Finance” to share with the participants their insights.
Club 2028
We are pleased to announce that Mr Donald Lam from BOC Group Life Assurance Company Limited and Ms Dorothy Sung from Hong Leong Insurance (Asia) Limited have been appointed the Convenor and Deputy Convenor of the above think-tank respectively for the term of 2022. Taking this opportunity, we would like to record a vote of thanks to the incumbent Convenor Ms Joyce Lau for her able leadership and contribution over the past two years.
The “All you need to know about insurance” book series has become Club 2028’s best-seller and signature publication. In view of the overwhelming response, the Club is in the process of updating the book on medical insurance and planning to publish the fifth book on motor insurance next year in conjunction with the Joint Publishing. Stay tuned for further updates!
HKFI Webinars
We continue to organize the webinar series on ESG and Green Insurance to facilitate the understanding of members on different topics. The third episode “A Clarion Call to Combat Climate Change” was held on 16 December 2021. Our sincere thanks go to Mr Tong Hang Wai, Scientific Officer of the Hong Kong Observatory, for sharing his professional knowledge and the valuable data in the most informative manner.
In addition, two other webinars titled "De-weaponisation of Data – Cyber Bullying and Doxxing" and "Criminal Matters in the Financial Sector in the Mainland China" will be delivered in January 2022. Members may refer to the circulars for enrolment details (Circular Ref.: Mv140/21 and Mv141/21).
Insurance Fraud Prevention Claims Database (IFPCD)
AI and data analytics are powerful tools when it comes to fraud detection. On 1 December, we hosted a webinar to provide updates for GIMs on motor and personal accident lines of business. The IA strongly supports the IFPCD as an effective fraud detection tool and its Executive Director of General Business Mr Simon Lam also joined us at this webinar.
If you wish to participate in the IFPCD, please contact us at 2861 9392 or claimsDB@hkfi.org.hk
Christmas and New Year Greetings
Tribute
We are deeply saddened by the passing of Mr William Woo, Winner of the Hong Kong Insurance Awards - Lifetime Achievement Award (General Insurance) in 2018. Mr Woo was a highly-respected industry veteran who made tremendous contributions to the insurance industry in Hong Kong. He will be fondly remembered.
With the Christmas and new year just around the corner, we wish you all a Merry Christmas and a Blessed and Healthy 2022! We look forward to your continued support and guidance in the years to come.
● General Insurance Member: China BOCOM Insurance Co., Ltd. – Ms Yip Ka Wai, Catherine
