Budget Speech 2024-25
The Hong Kong Federation of Insurers (HKFI) welcomes the measures announced by the Financial Secretary in his 2024-2025 Budget on 28 February 2024 and issued a media statement on the same day. We are delighted to note that the measures therein are aligned with some of our proposals, including re-domiciliation to Hong Kong, CIES, headquarters business and risk management, etc. Looking ahead, the HKFI will continue being the voice of the industry and collaborating with the Government to bring various initiatives to fruition, further enhancing Hong Kong's position as the International Financial Centre and Risk Management Hub.
Engagement with Industry Stakeholders
The HKFI Governing Committee had the pleasure of engaging in frank and constructive conversations with our key stakeholders in February.
On 14 February, we met Insurance Authority (IA) CEO Mr Clement Cheung and their newly appointed Executive Director of Policy and Legislation Mr Clement Lau over lunch. Apart from making Mr Lau’s acquaintance, we also shared our perspectives regarding several pertinent industry and regulatory matters. We are pleased to note the regulators’ willingness to actively listen and promptly address the issues raised.
We hosted another luncheon for the Hon KP Chan on 26 February, which proved to be immensely valuable in terms of expressing our concerns regarding a multitude of pressing industry issues. We are grateful to the Hon Chan for not only attentively listening but also for taking swift action in addressing the specific matters that require immediate attention.
Moving forward, our commitment remains steadfast in collaborating with diverse stakeholders to foster the growth and development of our sector.
Task Force on Motor Insurance Sustainable Development
To tackle the emerging challenges within the motor insurance industry, the General Insurance Council (GIC) has taken a strategic step by initiating a comprehensive overhaul of the current motor insurance ecosystem and value chain. To spearhead this effort, a dedicated Task Force convened by GIC Councillor Mr Kelvin Cheung has been established. The primary objectives of the Task Force include examining the multifaceted issues surrounding motor insurance and crafting a clear direction and roadmap to effectively address them.
Green Insurance
• Industry Climate Charter Launching and Knowledge Building Event
On 29 February 2024, HKFI launched the first-ever Climate Charter led by an insurance association in Hong Kong, which shows a united commitment to responding to the climate crisis. The Launching Ceremony was well attended by more than 100 HKFI members and industry friends. We expressed sincere gratitude to the 33 inaugural signatories for their support and concerted efforts to build a sustainable future, and we appeal to more HKFI members to join this meaningful initiative in the future. For enquiry, please contact us via committee@hkfi.org.hk
Following the Launching Ceremony, a dynamic Knowledge Sharing Forum ensued, featuring crosssector experts who generously shared insights on sustainable investment and risk management in the face of extreme weather.
List of signatories
AIA International Limited
Asia Insurance Company Limited
Avo Insurance Company Limited
AXA China Region Insurance Company Limited
AXA General Insurance Hong Kong Limited
Bank of China Group Insurance Company Limited
BOC Group Life Assurance Company Limited
Bupa (Asia) Limited
Chevalier Insurance Company Limited
China Life Insurance (Overseas) Company Limited
China Taiping Insurance (HK) Company Limited
China Taiping Life Insurance (Hong Kong) Company Limited
Cigna Worldwide General Insurance Company Limited
CMB Wing Lung Insurance Company Limited
Dah Sing Insurance Company (1976) Limited
FTLife Insurance Company Limited
• Meeting with IA and HKUST
Heng An Standard Life (Asia) Limited
Hong Kong Life Insurance Limited
HSBC Life (International) Limited
Manulife (International) Limited
Min Xin Insurance Company Limited
Peak Reinsurance Company Limited
Prudential General Insurance Hong Kong Limited
Prudential Hong Kong Limited
SCOR Reinsurance Company (Asia) Limited
Sun Life Hong Kong Limited
Taiping Reinsurance Company Limited
Transamerica Life (Bermuda) Ltd
Well Link General Insurance Company Limited
Well Link Life Insurance Company Limited
YF Life Insurance International Limited
Zurich Insurance Company Limited
Zurich Life Insurance (Hong Kong) Limited
On 20 February 2024, HKFI, IA and the Hong Kong University of Science and Technology (HKUST) convened a meeting to discuss the potential collaboration between the academic and insurance sectors on climate risk. Engaging in lively discussions, we explored the potential for collaboration between these two sectors. We had the opportunity to gain insights from HKUST academia on their climate-related research and climate model downscaling capabilities and identify the next steps to enable further collaboration.
GAMAHK Day cum Spring Luncheon 2024
HKFI
Chief Executive Ms Selina Lau was invited to speak at the GAMAHK Day cum Spring Luncheon 2024 on 28 February 2024. She shared the significant endeavors and pivotal advancements undertaken by the HKFI in 2023. Notably, she provided a comprehensive overview of the imminent Reference Checking Scheme for Insurance Intermediaries, which serves as a proactive measure to address the rolling bad apple phenomenon and plays a vital role in enhancing the positive image and reputation of our sector as a whole.
QF Education Talk for Secondary School Students
The HKFI has been appointed by the Qualifications Framework (QF) Secretariat to design and implement the “Project on QF Promotion for industries in Schools - Insurance Industry” in the academic year 2023/2024. The primary objective of this project is to foster a deeper comprehension of insurance among students in F4 to F6. By promoting awareness and knowledge about the professional nature of our industry, we aim to equip these young individuals with the necessary insights to make informed decisions about their future career paths. Furthermore, the project also emphasizes the crucial role of the QF in nurturing and developing future talents for the insurance industry.
Elite Talent Development Programme Gathering
HKFI
Elite Talent Development Programme was launched in 2021 with an aim of passing down the business wisdom and profound experience of insurance veterans to the younger generation.
On 23 February 2024, a gathering took place where the 3rd cohort of mentees and mentors had the opportunity to convene, exchange ideas, and share their views. Additionally, HKFI Chairman Ms Orchis Li graciously imparted her insights and experiences from the insurance industry to the mentees. The event exuded an uplifting atmosphere, creating an environment conducive to dynamic and engaging discussions between the two generations of practitioners.
IUMI Asia Forum
The forum will kick off with an Executive Committee Meeting on the first day, bringing together nine esteemed IUMI Executive Committee Members from around the globe. The second day will feature an industry forum for all practitioners, offering a platform for the Asian market to delve into global marine topics and insights.
We will announce the event details in due course. Stay tuned for further updates and detailed information on this highly anticipated event!
Caring Organization Logo
Corporate Social Responsibility (CSR) is an integral part of HKFI’s corporate culture. Since 2005, HKFI has been awarded the status of Caring Organization by the Hong Kong Council of Social Service. This year, we have again been accredited the ‘15 Years Plus Caring Organisation Logo’, in recognition of HKFI’s commitment in caring for the community, employees and the environment over the past years. We will keep up with our efforts on CSR in the years ahead!
Membership News
HKFI Membership
As at 29 Feb 2024, the HKFI has 81 General Insurance Members and 53 Life Insurance Members.
