Sep 2023
Issue No.314
Publicity on Insurance Coverage for Extreme Weather
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ong Kong suffered from severe weather events in early September. This served as a reminder of the pivotal role played by insurance in providing both financial protection and peace of mind to businesses and individuals in distress. During the past month, we have been tirelessly conveying this crucial message to the public through the media. At the same time, we tried to dispel unfounded misconceptions surrounding insurance. Among them are baseless claims that motor insurance becomes invalid during typhoon signal no 8 and black rainstorm, or that employees going to work during such periods are not covered by workman compensation. Going forward, we will continue our communication efforts through various channel including our social media platform, HKFI Smart Union Facebook fan page, to raise public awareness about the need for adequate coverage to mitigate potential risk exposure.
HKFI’s Submission to Policy Address 2023
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n 21 August 2023, the HKFI Chairman Ms Orchis Li attended the consultation session on Policy Address 2023 to express our industry's common aspirations and wishlists. Subsequently, HKFI submitted to the Administration a comprehensive proposal of the common goals of the sector as indicated below: • Expand the market and attract more international financial capital to Hong Kong • Leverage Hong Kong's proposition as a risk management hub connecting the Greater Bay Area (GBA) • Deepen local and international talent and human capital • Offer incentives under Hong Kong Risk Based Capital (HKRBC) to invest in Green and Sustainable Finance (GSF) instruments • Provide tax incentives for more retirement/saving products, Protection Linked Plan (PLP), and green products • Facilitate the application of InsurTech and fraud prevention • Support the development of marine insurance from the perspectives of entering Free Trade Agreements, talent training and incentives to attract leading marine insurance companies to Hong Kong Backed by Members’ expertise, HKFI is fully committed to collaborating with the Administration to strengthen Hong Kong's position as an international insurance centre and risk management hub.
Meeting with Chief Executive’s Policy Unit
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ince the release of proposal of HKFI’s Think Tank on Reinventing Hong Kong’s International Insurance Hub (Think Tank) earlier this year, the HKFI Think Tank proactively engaged various key stakeholders and advocated for implementation. On 22 August 2023, we had an interactive dialogue with Head of the Chief Executive’s Policy Unit Dr Stephen Wong, Deputy Head Mr Nicholas Kwan and Dr Chunxin Wang. Think Tank convenor Mr Edward Moncreiffe and subgroup leaders Ms Sally Wan and Ms Winnie Wong shared industry insights from positioning Hong Kong as a professional risk management centre for Greater China to promoting captive insurance and Insurance-linked Securities. HKFI will continuously work with our members and engage different stakeholders to facilitate our sector development.
Insurance Industry Climate Charter
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fter releasing the consultancy study of green insurance on climate reporting framework and climate data frameworks in the first phase, HKFI will launch the Climate Charter in October and officially invite members to sign up for the charter. The Climate Charter is a collaborative commitment to help address climate change and demonstrate the concerted efforts of our industry. Following engagement sessions and member consultation earlier this year, HKFI will organise the next briefing session on 20 October 2023 to introduce further details. We look forward to your active participation to the briefing session (Circular Ref: Mv067/23).
Visits to GBA CS Centres
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he HKFI formed a delegation of 41 from 22 Member Companies and representatives of the Insurance Authority (IA) to visit to the GBA Customer Services (CS) centres in Nansha and Qianhai on 26 September 2023. We appreciate the warm hospitality of our counterparts across the border and the chance to understand the latest development of these two cities and the establishment of the CS Centres. The visits certainly helped pave the way for the more constructive collaboration going forward.
Brokers Liaison
Informative Sessions on RBC
KFI maintained regular dialogue with the Hong Kong Confederation of Insurance Brokers (CIB) and the Professional Insurance Brokers Association (PIBA) before the pandemic, addressing matters of mutual concern and interest. However, the outbreak of the pandemic disrupted the face-to-face exchange. As we move forward and emerge from the challenges posed by the pandemic, we revive these dialogues accordingly.
webinar on “Hong Kong Tax Implications on Adoption of the RBC Regime in Hong Kong” was conducted on 28 September 2023, focusing on the upcoming RBCrelated changes and the practical challenges that insurers will face in 2024. Our sincere thanks go to the speakers from EY for their insightful presentation. The high turnout of the webinar is clear indication of the industry’s significant interest in RBC-related tax changes.
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On 24 August 2023, the Convenor of InsurersBrokers Liaison Committee Mr P L Chan and Committee Member Mr Clement Lam, had a candid discussion with the Chairmen and Deputy/ Vice Chairmen of CIB and PIBA on the latest development in the GBA, how to retain and attract insurance businesses in Hong Kong and other topics of concern. Both parties look forward to future meetings.
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To sustain this momentum, we will organize bilingual training sessions in early November on insurers’ readiness for RBC. To deepen Members’ understanding of the implications of RBC to financial strength, governance, and strategy of insurance business. Stay tuned for the registration details!
FSDC Career Festival
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KFI, together with 12 professional associations, supported the first Career Festival organized by the Financial Services Development Council (FSDC) on 22 September 2023 to enhance local university students’ understanding of the industry and shaping their future career paths. HKFI Chairman Ms Orchis Li joined the kick-off ceremony and instant chat session to share her experience and insights. Together with Club 2028 Convenor Ms Dorothy Sung and industry member Mr Raymond Ning, they interacted with the local and overseas universities students during the networking session to uncover the promising prospects of insurance as a career.
HKFI Speaking at InsurTech Events
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e are pleased to support and engage in various InsurTech events in the past two months.
A seminar on ‘Realising New Market Opportunities with the Power of API’ was co-hosted by the HKFI and Hong Kong Science and Technology Parks Corporation (HKSTP) on 29 August 2023. Mr Eric Hui, Chairman of the InsurTech Task Force under GIC kicked off the seminar with sharing on Opportunities with Open Finance. On 15 September 2023, Mr Alfred Cheung, Chairman of the InsurTech Task Force under LIC, joined the panel discussion to discuss opportunities and challenges of insurers and policyholders in digital transformation with other speakers at the FinTech Ecosystem Development Platform (FEDP) Forum of ASTRI. Ms Alexandra Wrobel joined the Cybersec Infohub Annual Professional Workshop 2023 as HKFI representative to share tips for applying cyber security insurance on the same date.
IUMI 2023 Edinburgh Annual Conference
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he IUMI 2023 Conference concluded with a resounding success. The delegation of six from HKFI/ IUMI Asia Hub actively participated in various technical committees and forums during the Edinburgh conference. A vote of thanks to Mr Timothy Lee, Deputy Chairman of HKFI’s Marine Insurance Association, for serving the IUMI as Vice President and completed his tenure of four years.
We shall continue working closely with IUMI and look forward to hosting the IUMI Asia Forum and Executive Committee meeting in Hong Kong in mid-2024.
Membership
News
Change of Authorised Representative General Insurance Member: Falcon Insurance Company (Hong Kong) Limited – Mr Jeff Sung HKFI Membership As at 29 Sep 2023, the HKFI has 81 General Insurance Members and 54 Life Insurance Members.
The Hong Kong Insurance Awards 2023
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ongratulations to all top three finalists! Thanks to the wise counsel of our honorable judges, the top three finalists for 22 categories were duly selected. The final winners will be announced at the Prize Presentation Ceremony cum Gala Dinner to be held on 25 October 2023.
In addition to the diverse array of existing categories, this year, in commemoration of HKFI's 35th anniversary, we are proud to reintroduce the highly esteemed Lifetime Achievement Award, which was first unveiled in 2018. A special panel of judges has gone through a robust process and selected two winners who have made exceptional and enduring contributions to the General Insurance and Life Insurance sectors throughout their careers. Book your table now to join us for a memorable evening and celebrating the remarkable achievements and contributions of all the awardees! Top Three Finalists 2023 Outstanding Claims Management Award – General Insurance Bank of China Group Insurance Company Limited Cigna Worldwide General Insurance Company Limited MSIG Insurance (Hong Kong) Limited Outstanding Claims Management Award – Life Insurance BOC Group Life Assurance Company Limited HSBC Life (International) Limited Sun Life Hong Kong Limited Outstanding Customer Services Award AXA Hong Kong & Macau BOC Group Life Assurance Company Limited Cigna Worldwide General Insurance Company Limited Outstanding Training & Development Award AIA International Limited FWD Life Insurance Company (Bermuda) Limited HSBC Life (International) Limited Outstanding Corporate Social Responsibility Award AIA International Limited Bank of China Group Insurance Company Limited Manulife (International) Limited Excellence in ESG and Sustainability Award AXA Hong Kong & Macau Generali Hong Kong Zurich Insurance (Hong Kong) Outstanding Equal Opportunity Employer Award Cigna Worldwide General Insurance Company Limited Generali Hong Kong Prudential Hong Kong Limited Outstanding Financial Education Award Bowtie Life Insurance Company Limited China Life Insurance (Overseas) Company Limited Prudential Hong Kong Limited Outstanding Integrated Marketing Strategies Award Blue Cross (Asia-Pacific) Insurance Limited Manulife (International) Limited Prudential Hong Kong Limited Outstanding Digital Marketing Campaign Award BOC Group Life Assurance Company Limited FWD Life Insurance Company (Bermuda) Limited Sun Life Hong Kong Limited Excellence in Digital Transformation Award BOC Group Life Assurance Company Limited FWD Life Insurance Company (Bermuda) Limited Prudential Hong Kong Limited Most Innovative Product/Service Award – General Insurance OneInfinity – Digital Asset Wallet Insurance - OneDegree Hong Kong Limited PRUChoice Furkid Care Insurance - Prudential General Insurance Hong Kong Limited Telematics for AXA Taxi Insurance - AXA Hong Kong & Macau
Most Innovative Product/Service Award – Life Insurance JoyAhead Immediate Annuity Plan - AXA Hong Kong & Macau MY Flexi Lifetime Annuity - YF Life Insurance International Ltd. SunProtect - Sun Life Hong Kong Limited Most Innovative Product/Service Award – Health AIA Assemble - AIA International Limited Mind Strength Protection Plan - FWD Life Insurance Company (Bermuda) Limited Satellite Medical Examination - Prudential Hong Kong Limited Most Innovative Product/Service Award – Wealth HSBC Wealth Select Protection Linked Plan - HSBC Life (International) Limited Star Legacy Private Wealth Whole Life Plan - BOC Group Life Assurance Company Limited Wealth Elite 2 & Premier Service Ecosystem - AIA International Limited Outstanding MPF/Employees' Benefit Product/Service Award AIA International Limited AXA Hong Kong & Macau Prudential Hong Kong Limited Best Partnership Project Award – General Insurance AXA Hong Kong & Macau bolttech Insurance Dah Sing Insurance Company (1976) Limited Best Partnership Project Award – Life Insurance AIA International Limited AXA Hong Kong & Macau FWD Life Insurance Company (Bermuda) Limited Outstanding Reinsurance Scheme Award RGA Reinsurance Company, Hong Kong Branch SCOR Reinsurance Company (Asia) Ltd Swiss Re Asia Pte. Ltd. Outstanding Agent of the Year Henry Cheng - Prudential Hong Kong Limited Quiny Shum - Prudential Hong Kong Limited Zoie Kwok - AIA International Limited Outstanding Community Intermediary of the Year Billy Ng - AIA International Limited Kendrick Yuen - AIA International Limited Lester Lee - FWD Life Insurance Company (Bermuda) Limited Outstanding Young Professional of the Year – Intermediary Adrian Lee - AIA International Limited Carson Chan - Prudential Hong Kong Limited Dylan Jiang - Prudential Hong Kong Limited