On16 October 2024, the Chief Executive of HKSAR Mr John Lee delivered his 2024 Policy Address. We are delighted to see that some of the Government’s measures are in alignment with our recommendations for bolstering the strengths of the local insurance industry, particularly in captive insurance, marine insurance, company re-domiciliation and capital requirements for infrastructure investment.
The HKFI issued a media statement on the same day welcoming various measures with relevance to the insurance industry. We underscored our unwavering commitment to collaborate with the Government and Insurance Authority (IA) to bring the measures into full play.
First HKFI Delegation to Beijing since the Pandemic
On 29 October 2024, HKFI Chairman Mr Ivan Tam led a delegation of eight to Beijing, where we paid courtesy visits to the National Financial Regulatory Administration (NFRA) and the Insurance Association of China (IAC).
This marked HKFI’s first high-level visit to Beijing in five years. At the meeting at the NFRA, we gained valuable insights on aligning the development policies of the Hong Kong insurance industry with national strategies. Additionally, we provided an overview of the Hong Kong insurance market.
During our meeting with Ms Yu Hua, President of the IAC, we engaged in a productive discussion about revitalizing our annual exchange program, collaborating on thematic research, and enhancing professional training on topics of mutual interest.
This visit represented a significant step in rebuilding our working relationship with the Mainland. We look forward to further strengthening these connections.
Conjoint Seminar of HKFI and IA: HKFI’s Reference Checking Scheme for Insurance Intermediaries and IA’s Regulatory Insights on Market Conduct
The above seminar was successfully held on 16 October 2024 and attended by approximately 600 industry practitioners, including back-end staff and insurance intermediaries.
Three speakers including HKFI Chief Executive Ms Selina Lau, Associate Director of Conduct Supervision Division Mr Alan Wu, and Senior Manager of Enforcement Division Mr Jimmy Cheung from the Insurance Authority, shared their valuable insights regarding the work of the HKFI, the newly introduced Reference Checking Scheme and regulatory perspectives on market conduct, along with an overview of the regulatory actions taken by the IA respectively.
Participants left the seminar equipped with the latest updates and essential knowledge. We received an incredible amount of positive feedback right after the seminar.
two InsurTech Task Forces played an active role in the inaugural InsurTech Forum at Hong Kong FinTech Week!
The InsurTech Task Force of Life Insurance Council (LIC) hosted a CEO panel titled "How To Be A Future Insurer With New InsurTech, Value Chain & Ecosystem". This discussion highlighted the importance of evolving alongside customer expectations and emerging risks, showcasing how insurers can remain competitive by adopting new technologies and business models. Meanwhile, the InsurTech Task Force of General Insurance Council (GIC) focused on navigating cyber risks and data privacy. The conversation emphasized the need to balance innovation within the insurance sector while safeguarding sensitive customer information. Both sessions were fully attended! We extend our heartfelt thanks to our moderators and panelists for their engaging and insightful contributions!
Knowledge Building on Various Subjects
Implementing HKRBC: Key Insights for General Insurers
On31 October 2024, the HKFI organized the above training session in collaboration with KPMG. This is the second seminar co-hosted by the HKFI and KPMG in 2024. Our sincere thanks go to the speakers for their insightful presentation. Participants from the general insurance sector found it informative and useful for their HKRBC journey.
Seminar on “Bigger Ships, Bigger Problems?”
TheMarine Insurance Association and CMS also co-hosted a CPD seminar titled "Bigger Ships, Bigger Problems?" on 4 October 2024. The seminar featured presentations by CMS marine experts from Hong Kong, who delved into the complexities surrounding major casualties and their impacts on various stakeholders. This seminar provided valuable insights into the legal and practical challenges presented by major casualties in the maritime industry.
Drink Party Jointly Organized by Four Technical Associations
On25 October 2024, four technical associations came together to host a vibrant networking drink party. The event drew over 80 attendees, including association members, government officials, and representatives from trade bodies. The evening was filled with lively conversation, idea exchange, and the fostering of collaborative relationships.
ViuTV Segment on Insurance
We are delighted to share that we have launched a series of TV segments on Channel 99 ViuTV's "Invest Smarter" program. These episodes are designed to elevate consumer education on a range of insurance hot topics. Over the course of four episodes, we have covered Unilateral Recognition policy, customer protection, industry's initiatives on combating climate change and the significance of Protection Linked Plans (PLP). The four segments will air every Wednesday, and the first episode was aired on 9 October 2024.
