Monthly Brief 2021/11 EN

Nov 2021

Issue No.294

HKFI General Meeting and Christmas Cocktail

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he General Meeting (GM) will be held at 5:30 pm on Tuesday, 14 December 2021 at the Grand Hyatt Hong Kong to consider and approve the proposed 2022 subscription fee scales for General Insurance Members (GIMs) and Life Insurance Members (LIMs) (Circular Ref: Mv107/21). This will be followed by our traditional Christmas Cocktail Party at the same venue. We look forward to seeing you all there!

Election Forum

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he 2021 Legislative Council General Election polling will take place on 19 December 2021 and the HKFI is organizing an election forum for the insurance sector on 9 December 2021. The two candidates of Functional Constituency - Insurance have been invited to present their election platforms and answer questions from the floor. Registered voters, representatives of Member Companies, Election Committee members from the insurance sector and industry bodies are invited to join. For details, please refer to the circular (Circular Ref: Mv106/21).

Insurance Authority’s Townhall Briefing on ILAS & PLP

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uring the course of developing Protection-Linked Plan (PLP)’s framework, the industry was also engaged to conduct a review on linked-products as a whole. As the regulatory framework for Class C products is being finalized, the Secretariat invited senior officials from the Insurance Authority (IA) to present the main components of Investment-Linked Assurance Schemes' (ILAS) Green Light Process on 11 November. This virtual townhall was attended by over 180 participants from 29 LIMs. We have subsequently conducted a consultation among LIMs on the Green Light Process and have duly for warded the consolidated comments to the IA for their consideration.

Establishment of MPF to Annuity Focus Group

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n her 2021 Policy Address, the HKSAR Chief Executive Mrs Carrie Lam suggested strengthening Hong Kong people’s retirement protection through converting assets under the Mandatory Provident Funds (MPF) into an annuity.

As an industry body with expert knowledge on international and local pensions and annuities, the HKFI has expressed our interest in being part of the discussions with the Labour & Welfare Bureau (LWB).

Against this background, the Life Insurance Council has recently established a Focus Group among the experts from the field and collated their professional expertise on the subject. Moving forward, we will engage officials from the LWB to find the most optimal way of leveraging annuity and other insurance instruments to close the retirement gap.

First Issue of ICB Connect

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he Insurance Complaints Bureau (ICB) published in November 2021 its first issue of ICB Connect – a periodic publication which presents ICB’s latest news / updates and a snapshot of statistical figures. It also highlights the latest complaint trends and emerging topical issues. Please click here to view the publication.

HKFI Elite Talent Development Pilot Programme

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e launched the first-ever HKFI Elite Talent Development Pilot Programme in April this year with an aim of passing down the business wisdom and profound experience of insurance veterans to the younger generation. 17 mentees were selected to join the pilot programme and learn from 10 industry veterans.

The first gathering was successfully held on 19 November for the mentees and mentors to meet up and compare notes. We have also invited HKFI Immediate Past Chairman Mr Eric Hui, who initiated the Programme during his term, to share with the mentees the career prospect of the insurance industry. It was a joyful event with lots of energy and lively discussions.

Career Talk with IA

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o help attract new blood for our industry, we are also collaborating with the IA on talent development initiatives. The first career talk jointly organized by the IA and HKFI was held at the campus of The Chinese University of Hong Kong on 8 November. In addition to the overview and prospects of our insurance market by IA’s Director of Corporate Services Mr Ryan Chiu, two HKFI’s Club 2028 members, Mr Lawrence Chong and Ms Dorothy Sung, also shared with the students their insights and experience on various professions in the industry. Going forward, we will continue working hand-in-hand with our regulator on attracting young talents to pursue their career in insurance.

GBA Integration

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he HKFI has been working closely with the IA on the arrangements to facilitate Hong Kong insurers’ provision of after-sales services for the policyholders in the Greater Bay Area (GBA).

Taking the chance of the LUA’s GBA Day 2021 held on 23 November, HKFI Chief Executive Ms Selina Lau spoke to the intermediaries and promoted the HKFI’s work in serving our local industry as well as our commitment to help reinforce GBA integration.

Exclusive InsurTech Discussion – Data is Gold

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n 18 November, we invited experts from Hong Kong Science & Technology Parks and MIT Hong Kong Innovation Node to conduct a sharing on data as part of our InsurTech 101 Series. As an industry sitting various sets of data, from personal, health and driving habits, to travel destinations and durations, turning data into valuable assets without infringing on personal data privacy is key to deriving monetary and research values. This exclusive event offered to our InsurTech Task Force members attracted experts from over 20 Member Companies, both life and general.

Webinars on COVID-19

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emote working has become and, in some cases, still continues to be a large part of the new reality of work for many across the globe. However, there are uncertainties surrounding employers’ liabilities when it comes to workmen compensation. The Accident Insurance Association has thus organized a webinar on 4 November and invited speakers from the Kennedys to share their insights on “Hybrid Working and the New Home Office – How to Discharge Liability and Reduce Claims”.

A webinar on “COVID-19 Impact on Medical New Business” was also arranged by the Medical Insurance Association on 12 November. Speakers from Swiss Re discussed the learnings COVID-19 has brought to insurers and policyholders, as well as new business prospects and the practical changes in underwriting guidelines.

These two webinars attracted a total of 400 participants and we will continue organizing such kind of webinars with topical issues amidst the pandemic.

CPD Webinars by HKFI Training Unit

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hree CPD webinars on topics of ESG and Green Insurance, the Personal Information Protection Law of the Mainland and “the Need of Review Case Prospects Before Arbitration and Mediation” were held in November 2021. Our sincere thanks go to our speakers from Deloitte, Mr Stephen Wong and Captain Lee Fook Choon for their informative and lively presentation. Positive feedbacks were received from the audience. More training sessions have been scheduled in December 2021. Stay tuned!

EAIC

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ounded in 1962, the East Asian Insurance Congress (EAIC) has become a signature biennial industry event in the region. In view of the lingering pandemic around the globe, the EAIC Executive Board has decided to cancel the physical conference which was originally scheduled to be held in Seoul in 2022. A virtual celebration of the EAIC’s 60th anniversary will take place instead.

As for the 2024 EAIC Conference, Hong Kong will play host after organizing the conference back in 2008. We are honoured to have the trust from the EAIC Executive Board during this uncertain time and are committed to delivering another successful event. We look forward to your support as delegates and sponsors!

HKFI Shoreline Cleanup Day

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he HKFI Secretariat collaborated with the World Green Organisation and organized a shoreline cleanup event near Lei Yue Mun Coast Light House on 13 November. In just one morning, the Secretariat colleagues have worked together to clean up nearly 100 kilograms of trashes and moved them to a nearby rubbish collection point for disposal. We will continue to work together to protect our environment by reducing waste!

Membership News Change of Authorized Representative ● General Insurance Member: Hong Leong Insurance (Asia) Ltd – Mr Hui Ting Yui, Cody HKFI Membership As at 30 November 2021, the HKFI has 86 General Insurance Members and 52 Life Insurance Members.