Sep 2024
Hong Kong as an International Insurance Centre
Issue No.325
The recently released Sigma Report on World Insurance 2023 by Swiss Re indicated that Hong Kong boasts the highest insurance penetration rate, the second highest insurance density, and ranks 16th globally as an insurance market.
While we take pride in this outstanding achievement, as the industry representative body, the HKFI remains committed to promoting further market development and ensuring that Hong Kong is adequately protected.
Policy Address 2024
HKFI
has been invited to various consultation sessions during the past two months. On 20 August 2024 at a consultation session hosted by HKSAR Financial Secretary, HKFI Chairman Mr Ivan Tam conveyed the industry wish list on four strategic areas:
• Enhance the capacity of marine insurance through policy and market development.
• Reinforce Hong Kong’s risk management capabilities in infrastructure projects.
• Attract Mainland enterprises to set up captives in Hong Kong.
• Allow taxpayers to pay for QDAP of his / her non-working spouse to enjoy the same level of tax incentive, and name Protection-Linked Plan as an eligible product for tax concession.
These initiatives are key to reinforcing Hong Kong’s status as an international insurance hub and risk management centre. At the same time, they ensure that our community is adequately protected with appropriate coverage and reliable claims assurance.
At another consultation for the medical sector hosted by the HKSAR Chief Executive the Hon John Lee, HKFI was invited to share views from the insurance perspective. We highlighted the indispensable role of insurance in triaging patients from the public sector and expressed growing concerns over the ever-escalating medical inflation. We also suggested a few measures to enhance medical fee transparency, reduce wastage of medical insurance, strengthen data connectivity and improve efficiency.
Engagements with CEPU
Sincewe published the Think Tank Proposal in April 2023, we have actively engaged in constructive dialogues with the Chief Executive’s Policy Unit (CEPU).
Recently, we held two meetings with the CEPU focused on the development of the marine insurance and captive markets. In our first meeting in August, we discussed the Marine Insurance Association’s proposals to enhance the marine insurance market and support the growth of the entire maritime services value chain. During our second meeting in September with Dr Stephen Wong, Head of CEPU, and his team, we invited seasoned reinsurers, broker, and captive insurer to share insights on strengthening Hong Kong's reinsurance capacity, attracting more brokers to place risks locally, and encouraging enterprises to establish captives in Hong Kong.
These discussions are part of our ongoing dialogue with the CEPU, and we look forward to maintaining this momentum to advance the development of our industry.
Executive Certificate in Insurance Leadership Acceleration Programme
On23 August 2024, we celebrated the remarkable achievements of the inaugural cohort with an unforgettable ceremony! We were privileged to have Ms Salina Yan, Permanent Secretary for Financial Services & the Treasury (Financial Services), as our officiating guest for this momentous occasion. More than 40 graduates, along with industry speakers and dedicated faculty members from HKU Business School, gathered to honor the hard work and commitment of this exceptional group.
This is just the beginning! We are excited about the future and eagerly look forward to launching the second cohort of this programme in 2025!
Reference Checking Scheme for Insurance Intermediaries
The above Scheme came into effect on 1 September 2024. To ensure that Life Insurance Members (LIMs) can fully interpret the requirements and operation details of the Scheme, we issued a supplementary Q&A for insurers to facilitate the implementation. For details, please refer to our circular (Circular Ref: Mv068/24).
We have taken a further step to support LIM’s compliance with this new initiative by organizing a joint seminar with the Insurance Authority (IA)’s Market Conduct Division on 16 October 2024. This seminar aims to enhance participants' understanding of the Scheme, provide insights into the IA’s regulatory framework regarding market conduct, and offer an overview of the IA’s regulatory actions. For more details, please refer to our circular (Circular Ref: Mv063/24).
Spatial Data Information Session
Thejoint information session with the IA on spatial data and its applications in the insurance sector was successfully held on 9 September 2024.
Expert speakers from the Spatial Data Office, Lingnan University’s Science Unit, and the Geospatial Lab of the Development Bureau delivered engaging presentations and demonstrations. Participants gained valuable insights into the various applications of spatial data and learned how geospatial technology can play a crucial role in enhancing risk management.
Tocelebrate the 150th anniversary of the International Union of Marine Insurance (IUMI), the HKFI / IUMI Asia Hub formed a delegation of eight to participate in the 2024 Conference and attend various committee meetings in Berlin. HKFI Chief Executive Ms Selina Lau was invited to take part in the IUMI Anniversary Video, contributing to this significant ceremonial clip.
On a more significant note, we are thrilled to announce that Ms Sigorney Lau, a core member of the IUMI Asia Hub Team, has been elected to the IUMI Executive Committee for a term of two years!
Looking ahead, the HKFI remains dedicated to maintaining a close partnership with and supporting the important work of IUMI. In 2029, we will play host to the 155th IUMI annual conference in Hong Kong!
IUMI 2024 Berlin Annual Conference
The Hong Kong Insurance Awards 2024
Congratulations to all top three finalists! This year we continued to receive an overwhelming response from the industry with over 150 entries competing for various categories. Thanks to the invaluable advice of our esteemed judges, we have duly selected the top three finalists of each category who met with the panel of judges at the presentation sessions this month.
Stay tuned for the announcement of final winners at the Awards Presentation Ceremony cum Gala Dinner to be held on 24 October 2024 at the Regent Hong Kong!
Top Three Finalists 2024
Outstanding Claims Management Award
General Insurance
Cigna Worldwide General Insurance Company Limited
MSIG Insurance (Hong Kong) Limited
Zurich Insurance (Hong Kong)
Life Insurance
Hang Seng Insurance Company Limited
Manulife (International) Limited
Prudential Hong Kong Limited
Outstanding Customer Services Award
General Insurance
AXA Hong Kong & Macau
Bupa (Asia) Limited
Cigna Worldwide General Insurance Company Limited
Life Insurance
AIA International Limited
HSBC Life (International) Limited
Prudential Hong Kong Limited
Excellence in Customer Acquisition and Engagement Award
BOC Group Life Assurance Company Limited
FWD Life Insurance Company (Bermuda) Limited
Prudential General Insurance Hong Kong Limited
Outstanding Training & Development Award
FWD Life Insurance Company (Bermuda) Limited
HSBC Life (International) Limited
Prudential Hong Kong Limited
Outstanding Corporate Social Responsibility Award
Generali Hong Kong
Manulife (International) Limited
Prudential General Insurance Hong Kong Limited
Excellence in ESG and Sustainability Award
AXA Hong Kong & Macau
HSBC Life (International) Limited
Zurich Insurance (Hong Kong)
Outstanding Equal Opportunity Employer Award
Cigna Worldwide General Insurance Company Limited
Liberty International Insurance Limited
Manulife (International) Limited
Outstanding Integrated Marketing Strategies Award
AIA International Limited
HSBC Life (International) Limited
Prudential Hong Kong Limited
Outstanding Digital Marketing Campaign Award
AXA Hong Kong & Macau
FWD Life Insurance Company (Bermuda) Limited
Manulife (International) Limited
Outstanding MPF/Employees' Benefit Product/Service Award
AIA International Limited
AXA Hong Kong & Macau
Manulife (International) Limited
Most Innovative Product/Service Award
General Insurance
Blue Cross Elite Combo - Blue Cross (Asia-Pacific) Insurance Limited
MyTravel Insurance - FWD Life Insurance Company (Bermuda) Limited
SCOR Smart Credit - SCOR Reinsurance Company (Asia) Limited
Life Insurance
Taiping GBA Elderly Care Solution - China Taiping Life Insurance (Hong Kong) Company Limited
Silver Life Insurance Plan - Chubb Life Insurance Hong Kong Limited
SunWallet - Sun Life Hong Kong Limited
Wealth
FortuneXtra Savings Plan - AXA Hong Kong & Macau
Genesis - Manulife (International) Limited
Prosperous Infinity Saver - YF Life Insurance International Ltd.
Health
All-New Holistic Health Propositions - AIA International Limited
“FamCare 198” Critical Illness Protector - Chow Tai Fook Life Insurance
Company Limited
Crisis OneMaster Series - FWD Life Insurance Company (Bermuda) Limited
Outstanding Campaign for Targeted Community Award
CareForAll - AXA Hong Kong & Macau
PRUChoice Furkid Care - Prudential General Insurance Hong Kong Limited
Hoops + Health - Sun Life Hong Kong Limited
Excellence in Digital Transformation Award
AXA Hong Kong & Macau
Blue Cross (Asia-Pacific) Insurance Limited
FWD Life Insurance Company (Bermuda) Limited
Best Partnership Project Award
AIA International Limited
AXA Hong Kong & Macau
China Taiping Life Insurance (Hong Kong) Company Limited
Excellence in KOL Partnership Award
BOC Group Life Assurance Company Limited
Bowtie Life Insurance Company Limited
Manulife (International) Limited
Outstanding Risk Management Award
Prudential General Insurance Hong Kong Limited
Prudential Hong Kong Limited
YF Life Insurance International Ltd.
Outstanding Reinsurance Scheme Award
RGA Reinsurance Company, Hong Kong Branch
SCOR Reinsurance Company (Asia) Limited
Swiss Re Asia Pte. Ltd.
Outstanding Agent of the Year Award
Alan Wong - Prudential Hong Kong Limited
Charleson Ng - FWD Life Insurance Company (Bermuda) Limited
Glen Wong - AIA International Limited
Outstanding Community Intermediary of the Year Award
Lester Lee - FWD Life Insurance Company (Bermuda) Limited
Marcus Wong - AIA International Limited
Susanna Chan - Sun Life Hong Kong Limited
Outstanding Young Professional of the Year Award – Intermediary
Bella Lam - Prudential Hong Kong Limited
Japheth Man - AIA International Limited
Kelly Tong - Prudential Hong Kong Limited
