Sep 2022
Issue No.303
Change of LIC Chairman & Deputy Chairman and By-election
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wing to change of corporate role, Mr Damien Green has resigned from the chairmanship of the Life Insurance Council (LIC). Mr Ellick Tsui and Mr Alger Fung have been duly elected as Chairman and Deputy Chairman of the LIC for the remaining term respectively. While Mr Green will continue to serve as the LIC Councillor, his role at the Governing Committee has been replaced by Mr Clement Lam. We thank Mr Green for his leadership and congratulations to the newly elected office bearers. Simultaneously, Ms Candy Yuen has tendered her resignation to the LIC. As a result, there is one casual vacancy at the LIC and a by-election is now being conducted. Nomination has been closed and we shall invite Life Insurance Members to cast their vote in early October. Meanwhile, a vote of thanks to Ms Yuen for her contribution to the LIC over the past years.
HKFI Proposal to the Policy Address 2022
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n 22 August 2022, the HKFI Chairman Ms Winnie Wong expressed the industry’s wish list at a consultation session on the Policy Address 2022. In essence, we appealed to the Administration to consider the industry’s common aspirations as follows: • • • • • •
Lift travel restrictions and reopen borders Strengthen international and local human capital Deploy measures to attract international financial capital to HK Expedite Greater Bay Areas development Facilitate the application of InsurTech Provide tax incentives for green products and more retirement/saving products
The above wish list together with other industry recommendations have been submitted to the Administration earlier this month.
Think Tank on Reinventing HK’s International Insurance Hub
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n August 2022, as part of the Think Tank’s initiatives, the HKFI published a survey to ascertain members’ needs and determine the opportunities and challenges they see for Hong Kong as an international insurance and risk management hub. Substantive responses were received from Member Companies which represent 86% of the market share in 2020. Thank you for their insightful sharing and recommendations. Based on the findings and the recent researches, the Think Tank will meet shortly to come up with some interim recommendations and chart the way forward for some deep-diving proposals.
Green Insurance
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he consultancy study of green insurance is progressing at full steam. Four focus group meetings on climate data and climate reporting were held during the past two months. We gathered insurers of different sizes and business natures to understand their needs and expectations regarding the deliverables. Two of the sessions were specifically dedicated to discussion on two segments property insurance and medical insurance, which are relatively more sensitive to climate change. The appointed consultant is now studying the feedback garnered and will provide recommendations. We plan to conduct a framework briefing on 3 October 2022 to deliver the interim findings.