PPS Engagement Session
The public consultation on Policy Holders' Protection Scheme (PPS) was first done in 2011. Since then, the HKFI has been in discussion with and conveyed our concerns and suggestions to the Financial Services and the Treasury Bureau (FSTB), the then Office of the Commissioner of Insurance and Insurance Authority (IA) on the PPS framework and the technical aspects.
The FSTB has recently published a paper on the proposal to establish the PPS and launched a three-month public consultation. To provide Members with more information and facilitate their understanding towards the latest proposal in the consultation paper, we have arranged an engagement session with the FSTB and IA on 7 February 2023. Members are invited to take part and learn more about the latest design of PPS and express their views on the proposal. For details, please refer to our circular (Circular No.: Mv003/23). Subsequent to the session, we will also garner Members’ feedback on the consultation paper and prepare the consolidated response to the Administration.
2023-2024 Budget Consultation
In the new year, the HKFI gets off to a good start in reflecting the voice of the industry and driving industry proposals for the consideration of the Administration. In the HKFI’s submission to the budget consultation this year, we have reinforced firmly our recommendations on various topics, including tackle the brain drain problem across the industry; expansion of tax reduction for retirement/saving vehicles; domestic market expansion; opportunities for the industry in the Greater Bay Area and Belt and Road initiatives; InsurTech and green insurance development, etc.
These initiatives are very much in alignment with the directions outlined by the HKFI's Think Tank on Reinventing Hong Kong’s International Insurance Hub. Additionally, the HKFI will continue to gather the industry's expertise and furnish practical proposals to the Administration to facilitate insurance market developments, reinvigorate Hong Kong's leading status as international insurance hub and risk management centre, and benefit the society by closing the protection gap.
Green Insurance
One of the initiatives of the consultancy study on green insurance, steered by the HKFI’s Task Force on Green Insurance, is to introduce an industry charter for the Hong Kong insurance industry. In order to solicit the support and broad participation from Members, we are organising a briefing in February 2023 for the appointed consultant to share with our Members the objectives and overall ideas of our proposed charter, and provide the latest updates on the international reporting standards.
A member survey will then be published to collect Members’ views on the detailed context of the industry charter, so as to ensure the finalised version will be in line with the market expectations. We will announce the details in due course. Stay tuned!
In addition, we continue our efforts on knowledge building. On 12 January 2023, we organized the ESG training session “Mastering ESG Storytelling - What Can Insurers Learn From Best PRactices In Other Sectors?” for our Members. Thanks to Professor Lapman Lee for his insightful and practical sharing.
Travel Insurance under Spotlight
Withthe relaxation of travel restrictions and quarantine requirements, many Hong Kong people have resumed outbound travelling during the Christmas and Chinese New Year peak seasons. Many travellers, however, had questions about the coverage of travel insurance in the context of Covid-19. Some were uncertain about the insurance protection under the recent extreme weather in overseas destinations. Others were confused by the evolving landing restrictions imposed by other jurisdictions for Hong Kong flights. Thanks to the technical support from the Travel Sub-committee under the Accident Insurance Association, we were able to provide the media and the public with the timely information on travel insurance with clarity and certainty.
Briefing on Employees’ Compensation Review Report and Estimation of Motor Market Burning Cost Report
Thanks to the support from our Member Companies, the data submission rates for the Employees’ Compensation Review and Estimation of Motor Market Burning Cost reached close to 70% this year.
The final reports on the subjects were released on 3 January 2023. Two briefings were arranged for the appointed actuary S. Yu & Partners to brief the Member Companies on the review results on 18 January 2023.
Training on International Arbitration
To facilitate understanding of the general principles of international arbitration and its relationship to other alternative dispute resolution process, a whole-day course on “Introduction to International Arbitration” will be conducted on 24 February 2023 under the collaboration of the HKFI, the Chartered Institute of Arbitration, East Asia Branch and the AIDA (Association International de Droit des Assurances) Reinsurance and Insurance Arbitration Society. Members are welcome to enroll to learn more on this topic. Please click here for more information.
Green Power Hike - HKFI Cup 2023
This year, the annual fund-raising walkathon Green Power Hike was conducted in both Physical Hike and Virtual Hike. The Physical Hike was successfully held on 14 January 2023 and the results have been announced. We had 33 teams from the insurance industry joining the HKFI Cup this year. Congratulations to Manulife (International) Limited on winning the 50KM and 25KM races, and Dah Sing Insurance Company (1976) Limited wining the 10KM race respectively. We also thank all participating teams for supporting the HKFI Cup and raised funds for the green initiatives.
The Virtual Hike is still open for enrollment until 13 February 2023. Interested Members are welcome to sign up for the HKFI Cup.
Recruitment Platform for Insurance Industry
The job-hunting season is approaching. Members are welcome to make use of the industry
recruitment platform built by HKFI to attract talents.
Job postings by Member Companies on this platform are free of charge. Visit the website at http://insurancejobs.hkfi.org.hk for more information. Send us your job advertisements now!
Membership News
Change of Authorized Representative
Chinese New Year Greetings
We wish you all a Healthy and Prosperous Year of the Rabbit!
General Insurance Member: Sun Hung Kai Properties Insurance Limited – Mr Lau Hong Wai Bernard Swiss Re International SE, Hong Kong Branch – Mr Lorenz Insam
HKFI Membership
As at 31 Jan 2023, the HKFI has 82 General Insurance Members and 54 Life Insurance Members.