Nov 2023
Issue No.316
HKFI General Meeting and Christmas Cocktail Party
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he HKFI will convene a General Meeting on 18 December 2023, and in line with previous practice, it will be followed by our traditional Christmas Cocktail Party. This is the first time we resume hosting this signature event at the HKFI conference room after its renovation in 2019. We look forward to seeing you all!
Initiatives on Green Insurance Industry Climate Charter After our briefing session on the subject on 20 October 2023, we are pleased to see that Members are actively considering signing up for the charter and have raised some very pertinent questions about the execution and commitment. We are encouraged by the positive response and will render all the necessary support to Members to facilitate their consideration. Meeting with HKGFA On 14 November 2023, we met with the senior representatives of the Hong Kong Green Finance Association (HKGFA), including Secretary General Mr Tsun Chen and insurance workstream lead Mr Jingwei Jia. Working towards the common goal, we compared notes on various green insurance initiatives and explored possible collaboration in the near future. Meeting with IA On 29 November 2023, the Chairman and Subgroup Convenors of HKFI’s Task Force on Green Insurance met the Insurance Authority (IA) Associate Director Mr Tony Chan and his team to review the progress of various initiatives on the subject. While we are pleased to note IA’s keen support for the Industry Climate Charter, we have also expressed concerns over other practical issues encountered by the industry including the SME questionnaire, readiness of climate risk management and climate data initiatives. We will maintain the close dialogue with our regulator to ensure all of our initiatives are gaining the necessary momentum and advancing in the right direction. Climate Risk Management Training On 30 November 2023, the HKFI organised a training session in collaboration with KPMG titled “Understanding Climate Risk Management and Regulatory Landscape – Key Areas for Insurers to Prepare Climate Risk Management”. More than 70 members attended the session and found it informative and useful for their green and ESG journey.
IUMI Visit & HKFI x IUMI Seminar – Insuring the Global Navigation
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uring the Hong Kong Maritime Week 2023, the IUMI Asia Hub Team, along with Mr Frédéric Denèfle, President of the International Union of Marine Insurance (IUMI), and Mr Lars Lange, General Secretary of IUMI, had productive meetings with key officials in Hong Kong. They met with Secretary for Transport and Logistics the Hon Lam Sai-hung and Secretary for Financial Services and the Treasury the Hon Christopher Hui, and IA Chairman Mr Stephen Yiu and CEO Mr Clement Cheung. Mr Denèfle also had a brief exchange with the HKSAR CE the Hon John Lee. The discussions focused on enhancing Hong Kong’s capability as marine insurance hub and collaboration between Hong Kong and IUMI in talent development. The highlight of their visit was the HKFI x IUMI seminar titled "Insuring the Global Navigation" held on 21 November 2023. The event was addressed by the Hon Lam Sai-hung and provided a great opportunity for more than 150 participants to stay abreast of the latest development in the marine insurance market and network with industry practitioners. The HKFI will host the IUMI Asia Forum in June 2024. Stay tuned for more details!
Setting Up of Special Working Group/Project Team on Industry Subjects Captive Insurance Captive Insurance was identified as one of the key initiatives in the HKFI's Think Tank Proposal aimed at revitalizing Hong Kong as an International Insurance Centre. A dedicated Working Group on Captive Insurance is thus established under the General Insurance Council (GIC) to engage the relevant stakeholders in the value chain, further analyze and develop comprehensive strategies, and drive development in this front. Participating Fund Management The IA introduced a proposal on the above subject in early September 2023. Seeing the potential impacts on how Life Insurance Members run their businesses, the Life Insurance Council (LIC) has subsequently issued a circular to collect member feedback on the technical proposal and views from the business operation angle, and the consolidated comments have been submitted to the IA. Given the technical nature of the issue, the LIC also resolved to set up a Special Project Team on Participating Fund Management to further examine IA’s proposed way forward. We look forward to working with the regulator and industry to ensure the sustainable development of participating fund businesses.
RBC Training Sessions
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n 1 & 2 November 2023, bilingual training sessions on HKFRS 17 were successfully held for senior stakeholders respectively. Our sincere thanks go to the speakers from PwC for their insightful presentation on insurers’ readiness for Riskbased Capital (RBC). Positive feedback was received from the audience and we will organize more informative sessions of the similar nature in the future.
Career Development in Insurance Industry The Life Planning Education Conference 2023 The Life Planning Education Conference 2023 organized by the Education Bureau was held on 10 November 2023. Mr Clement Hau, GIC Member, represented the HKFI to share insights and experience in insurance industry during the sharing session in facilitating career exploration and life planning for the participating high school teachers and students. Career Talk in HKMU On 7 November 2023, Ms Dorothy Sung, Convener of Club 2028, was the guest speaker of the Career Talk in the campus of Hong Kong Metropolitan University (HKMU). She shared insights and working experience on career development in the insurance industry. Over 100 undergraduates participated in this activity.
Customer Advocacy
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onsumer needs and behaviors are constantly evolving. To maintain a competitive edge, it is crucial for Members to adapt to these dynamic trends. Since 2017, the HKFI has appointed NielsenIQ (NIQ) as a consultant to conduct market research to understand the latest trends related to customer relationships, Net Promoter Score (NPS) and growth opportunities within the insurance industry, etc. The Task Force on Customer Advocacy has decided to resume the industry market research this year after the pandemic covering Hong Kong and Mainland consumers. We will interview them on market and product growth opportunities, InsurTech and digital services, satisfaction on insurance journey, and more. By subscribing to the market research reports, Member Companies will receive valuable industry insights and data. We are announcing the subscription details. Stay tuned.
KBW Virtual Road Trip
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n 15 November 2023, HKFI Chairman Ms Orchis Li, GIC Chairman Ms Sally Wan and Chief Executive Ms Selina Lau jointly attended the annual KBW Asia Insurance Virtual Trip for investors, where they introduced the latest business landscape of the HK insurance market, product trends and market developments as well as the unique role of Hong Kong as the international insurance hub.
Sharing of HKFI Initiatives at External Events
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n 24 November 2023, HKFI Chairman Ms Orchis Li represented the Federation to speak at the annual Insurance Summit 2023 organised by the VTC. With the topic ‘Transforming the Future of Insurance: Navigating the Industry’s Evolution’, Ms Li shared HKFI as the voice of the insurance industry and how its work promotes the development of insurance and helps shaping the future of the insurance sector in Hong Kong. Moderated by HKFI GIC Member Mr Kelvin Cheung and LIC Member Mr Jacob Wong, Ms Li also joined other distinguished speakers at the panel discussion and had a fruitful sharing on hot industry topics. In addition, at the Appointed Actuaries Symposium 2023 organised by the Actuarial Society of Hong Kong on 30 November 2023, Ms Li also presented the undertakings and accomplishments of HKFI over the past 12 months. Going forward, we will continue promoting our work at different occasions.
Membership
News
Change of Authorised Representative General Insurance Member: AIG Insurance Hong Kong Limited – Ms Cynthia Sze HKFI Membership As at 30 Nov 2023, the HKFI has 81 General Insurance Members and 54 Life Insurance Members.