Monthly Brief 2022/11 EN

Nov 2022

Issue No.305

HKFI General Meeting & Christmas Cocktail 2022

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he General Meeting this year will be held at 5:30pm on Tuesday, 13 December 2022 at the Park Lane Hong Kong to consider and approve the proposed 2023 subscription fee scales for General Insurance Members (GIMs) and Life Insurance Members (LIMs) (Circular Ref: Mv079/22). This will be followed by our traditional Christmas Cocktail Party at the same venue. We look forward to seeing you all!

Think Tank on Reinventing Hong Kong’s International Insurance Hub

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he above Think Tank is formulating a forward-looking industry proposal for the consideration of the Administration and the stakeholders after submitting the interim report on removal of all COVID restrictions to the Financial Services and the Treasury Bureau (FSTB) and Insurance Authority (IA) in October 2022.

Two subgroups have been formed to look into two key recommendations on building an international and local talent pool and supporting the execution of national strategies, which are led by the HKFI Chairman Ms Winnie Wong and General Insurance Council (GIC) Chairman Ms Sally Wan respectively. The two subgroups focusing on the above-mentioned areas met on 14 and 18 November 2022 respectively to brainstorm ideas and chart the way forward. We are now analysing the information we have gathered and will come up with feasible proposals for the consideration of the Administration.

HKFI Awarded 5-Star Insurance Innovator 2022

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e are thrilled to report that the HKFI has been recognized as the 5-Star Insurance Innovator 2022 with its signature InsurTech project Motor Insurance DLT-based Authentication System (MIDAS) this month.

MIDAS is Asia’s first industry-wide blockchain solution for the authentication of motor insurance. Recently, the Transport Department plans to use MIDAS to further streamline the arrangement of verification of insurance records in 2023 as part of the Hong Kong Smart City Initiative. Upon the approval of the necessary legislative amendment later this year, MIDAS will be embedded in the vehicle online licensing process, which will accelerate the adoption of this private-public partnership initiative among the broader public.

Consultancy study on Green Insurance

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nder the steer of the Task Force Chairman and subgroup convenors, the appointed consultant KPMG are proceeding at full steam with the climate charter, climate reporting framework and climate data frameworks. During the process, we will make reference to and keep tabs on the evolving international standards that will have an impact on the industry, particularly the latest developments of the standards of ISSB sustainability-related disclosure. We hope to receive the support from the industry when the final outputs of the consultancy study are introduced to the industry.

ILAS/PLP Industry Sharing Session

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o facilitate LIMs’ application for Investment-linked Assurance Scheme (ILAS) / Protection Linked Product (PLP) approval, we have organised a sharing session on 15 November 2022 for the ILAS/ PLP issuers to share their first-hand experience during the products approval process. The first of its kind, the session generated valuable references for industry players, which are helpful for their future planning. We express our gratitude to the representatives for their candid sharing and community spirit.

Hands-on Workshops on Federated Learning

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reviously we invited the Hong Kong Science & Technology Parks (HKSTP) and MIT Hong Kong Innovation Node to conduct an introductory session on Federated Learning (FL) for our InsurTech Task Forces. To turn the abstract concept into something more tangible and easier to comprehend, we oganised two full day workshops for Members’ data team expert to experience how FL overcomes the data partnership privacy barrier with use case demonstrations and hands-on trials.

Thanks to Openhive, which supports the FL Network in the HKSTP’s FinTech Virtual Lab, for organizing two exclusive workshops for our InsurTech Task Force Members. Experts from 23 Member Companies including both life and general insurers participated.

Briefings by Technical Associations

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ltrasound-guided high-intensity focused ultrasound (HIFU) has become a relatively new uterine-sparing treatment for fibroids.

However, in many other countries, HIFU treatment for fibroids, especially using ultrasound as image guidance, is still considered novel with limited clinical experience. In order to help participants learn more about the topics, the Medical Insurance Association arranged local expert Dr Vincent Cheung of The University of Hong Kong address a briefing on HIFU.

On the other hand, the Hong Kong Metropolitan University (HKMU) invited the HKFI to participate in developing the course, namely “Health Self-management and Empowerment” under the HKMU’s Capacity Building Mileage Programme. We had lined up Dr Raymond Ning of Swiss Re to speak on “Managing the Health Risks with the Use of Medical Insurance”.

For Marine, the Marine Insurance Association has organized the Seminar “‘E’ in ESG – Implementation of the Poseidon Principles for Marine Insurance (PPMI)” on 23 November 2022 to coincide with the Hong Kong Maritime Week 2022. Marine experts were invited to share with members the implementation of the PPMI at the Seminar.

ECIRSB Annual General Meeting (AGM)

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he Employees' Compensation Insurance Residual Scheme Bureau (ECIRSB) held its AGM on 29 November 2022 at HKFI conference room.

We are pleased to announce that Mr Jonathan Chen and Mr P L Chan have been appointed the Chairman and Deputy Chairman of the ECIRSB respectively for the new term 2022/2023.

Sharing of HKFI Initiatives at External Events

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n 11 November 2022, HKFI Chairman Ms Winnie Wong represented the Federation to speak at the Insurance E-Summit 2022 organised by the VTC. With the topic ‘Looking Over the Horizon – The Future of Insurance in Hong Kong’, Ms Wong shed light on the industry's significant trends, product innovation and the commitment of HKFI to contribute to the future of insurance in Hong Kong. Moderated by the HKFI Deputy Chairman Ms Orchis Li and GIC Deputy Chairman Mr Eric Hui, Ms Wong also joined other distinguished speakers at the panel discussion and had a fruitful sharing on the hot topics, such as talents, ESG and InsurTech.

At the Appointed Actuaries Symposium organised by the Actuarial Society of Hong Kong on 30 November 2022, HKFI Deputy Chairman Ms Li also presented the undertakings and accomplishments of HKFI over the past 12 months and the way ahead in the near future. On 18 November 2022, Mr Hui also represented the Task Force on Green Insurance, and InsurTech Task Force under GIC to share about HKFI’s initiatives in the discussion panel ‘ESG in Digital Economy’ at the Hong Kong International Computer Conference 2022 of Hong Kong Computer Society.

We thank Ms Wong, Ms Li and Mr Hui on representing the HKFI to speak. Going forward, we will continue promoting our work at different occasions.

Investor and Financial Education Award

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n 29 November 2022 , the Investor and Financial Education Council (IFEC) held its 10th Anniversary Education Seminar cum Investor and Financial Education Award Presentation Ceremony.

At the ceremony, HKFI received the Investor and Financial Education Award from the IFEC for our achievement in developing quality financial education for the general public. The award is due recognition of HKFI’s ongoing efforts in educating the public on insurance, including the consumer education campaign on the “Best Practice on Standardizing Underwriting Questionnaire”.

This award together with the positive responses we have received on our other public education initiatives are propelling us to go further in our public education drive through diverse channels.

Career Talk at Lingnan University with IA

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n 10 November 2022, a career talk jointly organized by the IA and HKFI was held in the campus of Lingnan University, which was well received by the students. Special thanks are due to all speakers, including IA’s Director of Corporate Services Mr Ryan Chiu, HKFI’s Club 2028 Member Dr Tony Lee and Co-founder of OneDegree Mr Alvin Kwock, for sharing their insights and experience on career in insurance. We will continue this synergy and organise more career talks at local universities with our regulator.

Free Job Postings at HKFI Recruitment Platform

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t the above-mentioned career talks jointly organised by the HKFI and IA from time to time, we introduced and encouraged the university students to visit our HKFI’s recruitment portal dedicated for the insurance industry (http://insurancejobs.hkfi.org.hk). If you have job vacancies targeted at fresh graduates, you are strongly recommended to send the job advertisements to the Secretariat for posting at the platform. We offer complimentary job posting service for HKFI members, and nonindustry members can also enjoy a concessionary price for job posting. Don’t miss the chance to utilize this platform to reach out to the young talents!

Membership News Change of Authorized Representative Life Insurance Members: Tahoe Life Insurance Company Limited – Ms Virginia Wong Yuen Sze

Desjardins Financial Security Life Assurance Company – Mr Fok Wai Man HKFI Membership As at 30 Nov 2022, the HKFI has 84 General Insurance Members and 54 Life Insurance Members.