Monthly Brief 2022/07 EN

Jul 2022

Issue No.302

Think Tank on Reinventing Hong Kong’s International Insurance Hub

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o reinvigorate Hong Kong’s insurance market and status as international insurance hub, the HKFI has set up a think tank to look into the matter and come up with strategic ideas for the consideration of the Government and stakeholders. The think tank is comprised of experts from various sectors in our ecosystem including general and life insurers, reinsurer, insurance intermediaries, academia, consultant as well as the regulator Insurance Authority (IA).

Coincidentally, the Legislative Council (LegCo) Members Hon K P Chan and Hon P L Chan are also planning to conduct a research on how to relaunch Hong Kong as an international insurance hub. With the shared goals and objectives, the two LegCo Members will join force with the HKFI Think Tank to provide viable proposals to the Government for reinventing Hong Kong’s prominent status.

We thank the following experts in the fields for providing independent intellectual support to our work. The Think Tank will conduct the inaugural meeting in early August to decide the directions and process. We shall reach out to HKFI Members and stakeholders for input and ideas. Stay tuned!

Chairman Members

Mr Edward Moncreiffe Ex-officio member General insurer Life insurer Reinsurer Broker Agent Regulator (IA) Representative of LegCo Members Consultant Academia

Ms Winnie Wong Ms Sally Wan Mr Alger Fung Mr Victor Kuk Mr Alex Yip Mr Y K Chan Mr Tony Chan Mr Harry Wong (Representing Hon K P Chan and Hon P L Chan) Mr Jonathan Zhao Professor Henry Tang

Green Insurance

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he Task Force on Green Insurance works seamlessly with KPMG to structure the industry-wide consultancy study. Important parameters and implementation details have been laid down. At the current stage, we will strategize efforts on climate data analysis and the climate reporting framework. A series of focus group meetings with insurers are now being arranged to garner views and ideas on the subject.

At the same time, we have conducted a consultation among Members on the International Sustainability Standards Board (ISSB) exposure drafts – the IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, as well as the industry-based disclosure requirements relevant to our industry.

Having consolidated the areas of concern from our members and raised them with the Hong Kong Institute of Certified Public Accountants (HKICPA) and ISSB separately, the Task Force will continue monitoring the developments and evaluate the impact the finalised requirements will have on our industry.

Maintaining Market Stability

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n 15 July 2022, Managers appointed by the IA presented a winding-up petition against Target Insurance Company Limited. As the industry representative body, the HKFI’s top priority is to ensure market stability and minimize the potential impact the incident might have on the industry and the public. In this connection, HKFI Chairman Ms Winnie Wong represented the Federation at the media event conducted by the IA and provided some factual narratives about the market capacity. At the same time, we have also issued a circular to Members and encouraged them to offer appropriate assistance to the policyholders concerned.

Collaboration with Legal Aid Department

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o enhance collaboration with the Legal Aid Department (LAD), a workshop entitled Civil Legal Aid Schemes and Measures against Abuse was held on 18 July 2022. Through this and the future interactive sessions, we hope to strengthen Members’ understanding on the role of LAD and eradicate the common misconceptions. Our sincere vote of thanks is due to LAD’s Ms Juliana Chan and Ms Amy Lee for their informative and interactive sharing.

Going forward, we plan to reciprocate and arrange a session for our claims experts to share with the LAD our first-hand experience in handling claims and the related litigations.

Insurance Fraud Prevention Claims Database (IFPCD)

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ith the social and economic activities resumed after the fifth wave of Covid-19, we expect the number of claims to increase in the coming months. To help ensure our members are prepared for the data transfer and benefitted from the analytics, the Project Team will arrange more engagement sessions with participating insurers. One-on-one meetings with individual motor insurers will be set up to gauge the user experience and help make improvements.

On medical line of business, the Anti-Fraud Committee has convened to receive update on the data analytics and find ways to enhance the solution. At the same time, two user training workshops were conducted for medical insurers to familiarize themselves with the solution and portal. If you are interested in joining IFPCD to fight against insurance fraud, please contact the Project Team at claimsdb@hkfi.org.hk.

InsurTech 101 Webinar Series

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he InsurTech Task Forces of GIC and LIC are pleased to engage a broad spectrum of experts to address the InsurTech 101 Webinar Series on 28 June 2022. The last session on NFT and Metaverse was well attended by more than 100 participants. The next seminar on Regulatory Technology will be held virtually on 5 August 2022. Guest speakers from the RegTech Association of Hong Kong will share the latest trend and development in the field of RegTech. Please scan this code for enrollment details.

Sharing on GBA Development

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nvited by the SCMP, HKFI Chief Executive Ms Selina Lau joined their China Conference Hong Kong 2022 and participated in the panel discussion on “How Hong Kong can build itself as the insurance hub for the GBA”. Together with the IA CEO Mr Clement Cheung and senior executives from the field, they shared views on the growth of the Hong Kong insurance market, GBA development, green insurance and ESG initiatives, etc.

Video series on “Heroes Useless”

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e have never stopped looking for unconventional ways to promote insurance as a career and enhance public’s understanding of the important functions of insurance. Our latest attempt is to present these ideas through our “extraordinary superheroes”.

Portrayed in the intertwined worlds of comic strip and reality, our superheroes bring out the unique nature of professional roles in underwriting, claims, actuary, InsurTech, product development, compliance and distribution. One message is loud and clear – insurance is protecting our community through the dedicated industry practitioners who are the unsung heroes behind the scene.

Check out the stories now and team up with our heroes!

HKFI Annual Report 2021/2022

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he latest HKFI Annual Report has been published!

It provides an overview of what we have accomplished to serve and support our Members over the past challenging 12 months amidst the COVID-19 pandemic.

Scan the QR code or visit hyperlink for the full text.

EAIC 2022 Virtual Conference

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he EAIC was founded in 1962 with the aim of further developing international collaboration in the field of insurance. The 60th EAIC Diamond Jubilee Virtual Conference is scheduled to be held on 21-22 September 2022. In line with the Diamond reference, the theme of the event is “Cutting a Multi-faceted Clear Vision for the Industry”, the Programme will explore how the industry evolve in the coming years. The core takeaways over the 2 days will focus on competition, climate, consumer mindset, connectivity as well as conflict post the Covid pandemic.

You are cordially invited to support and participate in the EAIC 2022!

For more details, please visit: Homepage Registration Sponsorship

Summer Greeting

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e will have a break in August and come back in September. Wishing you all a refreshing and healthy summer break!

Membership

News

HKFI Membership As at 29 Jul 2022, the HKFI has 84 General Insurance Members and 54 Life Insurance Members.