Oct 2023
Issue No.315
Promoting Market Development Policy Address 2023 The Chief Executive of HKSAR Hon John Lee delivered his Policy Address 2023 on 25 October 2023. The HKFI issued a media statement on the same day to welcome initiatives such as the “Headquarters Economy”, various talent attraction and retention strategies, promotion of green and sustainable finance in Hong Kong and promotion of marine insurance which are all important initiatives for the development of the insurance industry. In our media statement, we emphasized our unwavering commitment to collaborate with the Government in order to strengthen Hong Kong's position as an insurance hub and a center for risk management. Meeting with Hon Starry Lee
On 17 October 2023, HKFI’s Governing Committee (GC) members had a candid discussion with the Hon Starry Lee, Member of Legislative Council (LegCo) and former Chairman of the Democratic Alliance for the Betterment and Progress of Hong Kong, over luncheon. In addition to exchanging ideas on how to drive further growth in the insurance sector, we actively explored avenues for enhancing Hong Kong's overall competitiveness. Moving forward, we will continue to work with stakeholders to facilitate the development of our sector and Hong Kong at large.
Launch of Insurance Industry Climate Charter and Briefing Session
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n 20 October 2023, the HKFI officially released the first-ever climate charter in the Hong Kong insurance market and is now calling for sign-ups. More than 100 members attended the charter briefing session and received thorough information with regard to the charter from our project consultant. Mr Tony Chan, Associate Director of the Insurance Authority (IA) underscored the significance of the charter as a proactive and collective commitment, highlighting its launch as a significant milestone in our collaborative endeavors. Aligned with the regulator's vision, we firmly believe that the charter serves as a valuable instrument for showcasing our industry's strong community spirit in addressing the challenges of climate change. Action now and sign up for the charter. Together, we can create a better world for generations to come!
InsurTech
Revision of Guideline on Cybersecurity (GL 20) The IA is now conducting a review on GL 20 and plans to introduce new requirements on cybersecurity. To facilitate better understanding on the new measures, the InsurTech Task Forces (ITTF) arranged by IA’s Mr Tony Chan and Ms Jessica Yeung and their appointed consultant to provide an overview on the proposed enhancements and answer questions from Members at a briefing held on 6 October 2023. We have also collected comments from Members on the draft GL and provided the IA with a consolidated submission. Knowledge Building on Federated Learning (FL) Further to the HK Science and Technology Park’s introductory session in 2021 and Openhive’s handson Experience Workshops in 2022, we have recently introduced a PoC initiative in collaboration with Openhive and TransUnion (TU) on leveraging credit data for insurance through FL. Two half-day knowledge building workshops were held on 19 and 31 October 2023 and participating members may apply for the free of charge PoC (Circular Ref: Mv068/23).
Talent Development Month
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nhancing the depth of local and international talent and human capital is one of the key priorities highlighted in our submission on the Policy Address and the Think Tank recommendations. While the implementation of these proposed initiatives may require time, we, at the HKFI, have proactively undertaken measures within our purview to attract new talent and foster talent development, including some pioneering endeavors that are the first of their kind. Greater Bay Area New Era: Insurance for the Future With the support from the Labour and Welfare Bureau, we organised the first ever cross border job fair in conjunction with Jobs DB, Zhaopin.com and KOS which was launched on 20 October 2023. The Hon Chris Sun, Secretary for Labour and Welfare, showed his support by delivering the open remarks, which was followed by sharing from HKFI Governing Committee Member Ms Winnie Wong and the chit chats between representatives of 11 Member Insurers and a renowned Mainland KOL. Two guest speakers who came to work in Hong Kong from the Mainland also shared their personal experiences of working and living in Hong Kong. The event has received overwhelming response with more than 40,000 live viewers with active online participation and 4300 plus job applications. To view the event, please click here: HKFI GBA Virtual Job Fair. Speed dating – U Students x Insurers HKFI jointly organized a drinks gathering with the Hong Kong Insurance Law Association on 12 October 2023 to provide opportunities for university students to gain insights into career development in the insurance industry and connect with the potential employers. The event was attended by over 70 undergraduate students, lecturers from the local universities, senior insurance executives and representatives from our regulator, including Mr Peter Gregoire, IA’s General Counsel and Head of Market Conduct. ETDP Engagement Session with the Hon P L Chan at LegCo While we actively focus on attracting new talents, we also recognize the significance of nurturing and developing our own executives. On 27 October 2023, we organized a special gathering at the Legislative Council Complex, where insurance talents from our Elite Talent Development Programme and management trainees from the IA had the privilege of meeting the Hon Chan. We extend our heartfelt gratitude to the Hon Chan for generously sharing his valuable insights on industry development with our young executives.
C-Suite Training Session: Directors and Senior Management of Insurance Companies and their Duties Under the Conduct Regulatory Regime
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o raise awareness of the importance of duties of directors and senior management of insurance companies under the Conduct Regulatory Regime, the above training session was conducted on 10 October 2023. Our special thanks to Mr Peter Gregoire, IA’s General Counsel and Head of Market Conduct, for his in-depth presentations illustrated by a raft of case studies. The session was very well received with highly positive comments from participants.
Consultation & Briefing Session of Draft Framework on FinTech Professional Qualification for FinTech Practitioners in the Financial Sectors
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he Financial Services and Treasury Bureau (FSTB) has commissioned a consultancy study on developing a FinTech Professional Qualifications Framework for the securities and insurance sectors, which aims to facilitate the acquisition of relevant Fintech knowledge and the development of professional competencies and capabilities in the Fintech area by securities and insurance practitioners. In this connection, we organized a briefing session for Members on 25 October 2023 to illustrate details of the proposed framework, and launched a member consultation (Circular Ref:Mv072/23) to garner Members’ views accordingly.
Drink Party Jointly Organized by Four Technical Associations
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he drink party, jointly organized by four technical associations (TAs) on 16 October 2023, was a highly anticipated networking event that aimed to facilitate connections between association members, government officials, and trade bodies. Over 100 participants joined the event and engaged in meaningful conversations, exchanged ideas, and fostered collaboration.
EAIC will be back in Hong Kong with an Intriguing Theme
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hanks for the enthusiastic support of the EAIC Executive Board (EB) members, the 30th EAIC EB Meeting was held in early October and confirmed the theme of this signature event to be held in Hong Kong between 24 and 27 September 2024. Back to the Future – Empowering East Asian Insurers for 2044 and Beyond Building on the Foundation and Exploring the Future As the theme and its subheading imply, our intention is to delve into the realm of the next 20 years and beyond and shift our focus towards the future, emphasizing it over the past and present. And to uphold the enjoyable and lively tradition of EAIC, we have incorporated a captivating 'movie theme' that interconnects all the events and sessions. Stay tuned for more details of this much anticipated event! HKFI takes great pride in hosting the EB members and representatives from the EAIC Member Cities, alongside our regulators and LegCo Members. We extend our heartfelt gratitude to our sponsors whose generous support has made this event a truly memorable and enjoyable experience. If you have yet to sign up as a sponsor or a supporter of the EAIC 2024 Hong Kong Conference, do so now by contacting us at sponsor@eaic2024.hk.
Membership
News
Change of Authorised Representative General Insurance Member: Factory Mutual Insurance Company – Mr Zhang Chen Life Insurance Member: Munich Reinsurance Company Hong Kong Branch – Mr Daniel Wong HKFI Membership As at 31 Oct 2023, the HKFI has 81 General Insurance Members and 54 Life Insurance Members.
The Hong Kong Insurance Awards 2023
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he Winners of the Lifetime Achievement Award together with 22 categories were officially announced at the Prize Presentation Ceremony cum Gala Dinner of the Hong Kong Insurance Awards 2023 on 25 October 2023!
This prestigious event, often referred to as the “Oscar” of the insurance industry, was well attended with close to 500 guests including honorable prize presenters, regulators, esteemed panel of judges, the awardees and industry leaders to recognize and celebrate the remarkable achievements of our insurance industry. The winners of the Lifetime Achievement Award have been formally announced at the dinner. Our heartfelt congratulations to Mr Allan Yu and Mr Samuel Yung for winning the Award for the category of general insurance and life insurance respectively. Highlights of the joyous moments are available here. Congratulations to all the awardees for their remarkable achievements and dedication to excellence!
Winner List 2023
The Lifetime Achievement Award - General Insurance Mr Allan Yu
The Lifetime Achievement Award - Life Insurance Mr Samuel Yung, SBS, MH, JP
Outstanding Claims Management Award - General Insurance Cigna Worldwide General Insurance Company Limited
Outstanding Claims Management Award - Life Insurance HSBC Life (International) Limited
Outstanding Customer Services Award AXA Hong Kong & Macau
Outstanding Training & Development Award HSBC Life (International) Limited
Outstanding Corporate Social Responsibility Award AIA International Limited
Excellence in ESG and Sustainability Award Zurich Insurance (Hong Kong)
Outstanding Equal Opportunity Employer Award Prudential Hong Kong Limited
Outstanding Financial Education Award Prudential Hong Kong Limited
Outstanding Integrated Marketing Strategies Award Prudential Hong Kong Limited
Outstanding Digital Marketing Campaign Award FWD Life Insurance Company (Bermuda) Limited
Excellence in Digital Transformation Award FWD Life Insurance Company (Bermuda) Limited
Most Innovative Product/Service Award - General Insurance PRUChoice Furkid Care Insurance - Prudential General Insurance Hong Kong Limited
Most Innovative Product/Service Award - Life Insurance SunProtect - Sun Life Hong Kong Limited
Most Innovative Product/Service Award - Health Satellite Medical Examination - Prudential Hong Kong Limited
Most Innovative Product/Service Award - Wealth Wealth Elite 2 & Premier Service Ecosystem - AIA International Limited
Outstanding MPF/Employees' Benefit Product/Service Award AIA International Limited
Best Partnership Project Award - General Insurance AXA Hong Kong & Macau
Best Partnership Project Award - Life Insurance FWD Life Insurance Company (Bermuda) Limited
Outstanding Reinsurance Scheme Award RGA Reinsurance Company, Hong Kong Branch
Outstanding Agent of the Year Henry Cheng - Prudential Hong Kong Limited
Outstanding Community Intermediary of the Year Billy Ng - AIA International Limited
Outstanding Young Professional of the Year - Intermediary Adrian Lee - AIA International Limited