New Governing Committee & HKFI AGM
TheAnnual General Meeting (AGM) held on 29 April 2022 approved the formation of the new Governing Committee of the Federation for 2022/2023 term as follows:
Chairman
Ms Winnie Wong
Deputy Chairman
Ms Orchis Li
Members
Mr P L Chan
Mr Alger Fung
Mr Damien Green
Mr Eric Hui
Mr Edward Moncreiffe
Mr Ivan Tam
Mr Ellick Tsui
Ms Sally Wan
Industry Wish List to HKSAR Chief Executive (CE) Candidate
Our industry was invited by the Election Office of the HKSAR CE candidate Mr John Lee to submit views to be included in Mr Lee’s manifesto. As the industry’s representative body, we have produced an industry wish list highlighting the most crucial and pressing issues at a macro level – market development, interconnections with GBA, regulatory oversight, retention of capital and talents. We hope the new-term Government would take into account our proposals and take tangible actions to ensure the sustainable development of our industry.
Consultancy Project on Green Insurance
Seeing the need to spearhead green and ESG development for our industry in a systematic manner, the Task Force on Green Insurance is in the process of appointing a consultant to work on a three-pronged project – establishing an industry charter, devising a reporting framework for our market and building a model for the aggregation of climate-related data or crossindustry climate risk collaboration.
Since the setting up of reporting framework is closely linked to the regulatory regime in future, we have engaged the Insurance Authority (IA) early to ensure our objectives and directions are aligned. The consultancy project is expected to be conducted in the next few months and we appeal to your support to facilitate the development of our local insurance industry on green and ESG.
Online Media Conference of the Insurance Claims Complaints Panel (ICCP)
TheICCP held an online media conference on 26 April 2022 to announce the claims complaints statistics for 2021 and highlight the deliberation results of some cases. In total, 512 cases were processed during 2021 with 297 complaints closed. While insurers decisions were upheld in the vast majority of cases, 76 complainants received from insurers with a total claims amount of HK$7.53M while the highest single case award was close to HK$800,000.
A special vote of thanks to Panel Chairman Mr Michael Tsui and his fellow Panel Members for serving the industry and the insuring public over the years. To revisit the media conference, please click https://youtu.be/eYLFrF3e0og
AGMs of Four Technical Associations
The Four Technical Associations (TAs) (namely Accident; Fire; Marine and Medical Insurance) held their AGMs on 21 April 2022 to receive the Committees’ Reports for the expiring term and note the Committee Delegates for the new term 2022/2023.
C-Suite Training on Key Observations from the First ORSA Report
TheIA has released its observations of key areas of the ORSA report in late March. The captioned training was orgainized on 14 April 2022 to help Members interpret the review results for better planning of the ORSA report in the future. We thank IA’s Associate Director of Policy and Development Mr Tony Chan and speakers from KPMG for sharing the insights on the ORSA report review results. Their key observations and recommendations are most relevant and helpful for our C-suite executives to plan ahead.
Townhall Briefings on Premium Financing
On1 April 2022, the IA published the supervisory standards and key requirements on the use of premium financing to take out long-term insurance policies. Industry members are expected to comply with the stipulated standards and requirements which will be effective from 1 January 2023. During the course of consultations, HKFI collected members’ feedback on the drafts and consolidated their comments for the consideration by the IA.
To facilitate industry members’ understanding of the context and the interpretation of the supervisory standards and requirements for operational issues, HKFI will arrange two townhall briefings, in English and Cantonese respectively, on 13 May 2022. Mr Marty Lui, IA’s Associate Director of Long Term Business, will brief our industry members on the subject. For details and registration, please refer to the circular (Circular Ref: Mv041/22).
Hong Kong Insurance Awards 2022 Result of Elite Talent Development Programme
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. Stay tuned!
In the meantime, sponsorship packages are available on a first come, first served basis. For details, please contact us at 2565 2495.
Insurance Dashboard
The above Programme was launched by the HKFI with an aim of passing down the business wisdom and profound experience of insurance veterans to the younger generation. To our delight, the second cohort of the Programme is well received by our members! We have received more applications from the young executive this year. 21 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/).
Since the beginning of the pandemic in early 2020, we launched a thematic website Insurance Dashboard on COVID-19 to provide the public with reliable and comprehensive information on the protection various insurance lines of business provide amidst the COVID-19.
In view of the evolving situation, we conducted another round of survey to garner the latest alleviation measures provided by our member companies for updating the Dashboard for public’s reference. Check out for the latest insurance information and coverage in the context of COVID-19!
Acknowledgement
Iam stepping down from the HKFI chairmanship today and would like to express my sincere 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. Your support and wise counsel have been instrumental in helping the HKFI accomplish numerous projects and initiatives for the good of our industry and community over the past year. My heartfelt thanks to you all!
Edward Moncreiffe HKFI Chairman2022/2023 General Insurance Council
May we offer our best wishes to the newly-formed General Insurance Council:
Elected Councillors
Ms Sally Wan (Chairman) AXA General Insurance Hong Kong Limited
Mr Eric Hui (Deputy Chairman)
Mr P L Chan
Zurich Insurance Company Ltd
China Taiping Insurance (Hong Kong) Company Limited
Mr Yuman Chan Bupa (Asia) Limited
Mr Jonathan Chen CMB Wing Lung Insurance Company Limited
Mr Kelvin Cheung
Mr Terence Leung
Mr Sheung-kin Li
Mr Weijiang Lin
Ms Kelly Mok
Ms Winnie Wong
Ms Peggy Ng (Ex-officio)
China Ping An Insurance (Hong Kong) Company Limited
Dah Sing Insurance Company (1976) Limited
Sompo Insurance (Hong Kong) Co Ltd
Bank of China Group Insurance Company Limited
Prudential General Insurance Hong Kong Limited
Asia Insurance Company Limited
Accident Insurance Association Chairman
Mr Clement Hau (Ex-officio) Fire Insurance Association Chairman
Mr Patrick Wong (Ex-officio)
Ms Pian Lai (Ex-officio)
Ms Polly Ho (Ex-officio)
Mr Ivan Tam (Ex-officio)
Technical Associations
Marine Insurance Association Chairman
Medical Insurance Association Chairman
Reinsurers' Forum Convenor
Immediate Past Chairman
The 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
Mr Cody Hui
Ms Colla Li
Mr Timothy Lee
Ms Cindy Tang
Ms Ruby Cheung
2022/2023 Life Insurance Council
Also, we would like to extend our best wishes to the following members of the newly-formed Life Insurance Council:
Elected Councillors
Mr Damien Green (Chairman) Manulife (International) Limited
Mr Ellick Tsui (Deputy Chairman)
Mr Alfred Cheung
Mr Alger Fung
FTLife Insurance Company Limited
BOC Group Life Assurance Company Limited
AIA International Limited
Mr Clement Lam Sun Life Hong Kong Limited
Mr Mike Lee
Mr Edward Moncreiffe
YF Life Insurance International Limited
HSBC Life (International) Limited
Ms Sally Wan AXA China Region Insurance Company (Bermuda) Limited
Mr Jacob Wong
Ms Candy Yuen
Mr Derek Yung
Ms Orchis Li (Ex-officio)
Membership News
China Taiping Life Insurance (HK) Company Limited
China Pacific Life Insurance (HK) Company Limited
Prudential Hong Kong Limited
Immediate Past Chairman
Change of Authorized Representative
● General Insurance Member: Partner Reinsurance Europe SE, Hong Kong – Ms Nerissa Yan
● Life Insurance Member: Assicurazioni Generali S.p.A. – Mr Davide Glavina
China Life Insurance (Overseas) Company Limited – Mr Cheng Junyi Jason
Generali Life – Mr Davide Glavina
ZA Life Limited – Ms Fiona Wei
HKFI Membership
As at 29 Apr 2022, the HKFI has 84 General Insurance Members and 54 Life Insurance Members.
Mr Ellick Tsui Mr Damien Green Ms Sally Wan Mr Eric Hui