Jan 2023
Issue No.307
PPS Engagement Session
T
he public consultation on Policy Holders' Protection Scheme (PPS) was first done in 2011. Since then, the HKFI has been in discussion with and conveyed our concerns and suggestions to the Financial Services and the Treasury Bureau (FSTB), the then Office of the Commissioner of Insurance and Insurance Authority (IA) on the PPS framework and the technical aspects. The FSTB has recently published a paper on the proposal to establish the PPS and launched a three-month public consultation. To provide Members with more information and facilitate their understanding towards the latest proposal in the consultation paper, we have arranged an engagement session with the FSTB and IA on 7 February 2023. Members are invited to take part and learn more about the latest design of PPS and express their views on the proposal. For details, please refer to our circular (Circular No.: Mv003/23). Subsequent to the session, we will also garner Members’ feedback on the consultation paper and prepare the consolidated response to the Administration.
2023-2024 Budget Consultation
I
n the new year, the HKFI gets off to a good start in reflecting the voice of the industry and driving industry proposals for the consideration of the Administration. In the HKFI’s submission to the budget consultation this year, we have reinforced firmly our recommendations on various topics, including tackle the brain drain problem across the industry; expansion of tax reduction for retirement/saving vehicles; domestic market expansion; opportunities for the industry in the Greater Bay Area and Belt and Road initiatives; InsurTech and green insurance development, etc. These initiatives are very much in alignment with the directions outlined by the HKFI's Think Tank on Reinventing Hong Kong’s International Insurance Hub. Additionally, the HKFI will continue to gather the industry's expertise and furnish practical proposals to the Administration to facilitate insurance market developments, reinvigorate Hong Kong's leading status as international insurance hub and risk management centre, and benefit the society by closing the protection gap.
Green Insurance Industry Charter Briefing Session & Member Survey One of the initiatives of the consultancy study on green insurance, steered by the HKFI’s Task Force on Green Insurance, is to introduce an industry charter for the Hong Kong insurance industry. In order to solicit the support and broad participation from Members, we are organising a briefing in February 2023 for the appointed consultant to share with our Members the objectives and overall ideas of our proposed charter, and provide the latest updates on the international reporting standards. A member survey will then be published to collect Members’ views on the detailed context of the industry charter, so as to ensure the finalised version will be in line with the market expectations. We will announce the details in due course. Stay tuned! ESG Training Session In addition, we continue our efforts on knowledge building. On 12 January 2023, we organized the ESG training session “Mastering ESG Storytelling - What Can Insurers Learn From Best PRactices In Other Sectors?” for our Members. Thanks to Professor Lapman Lee for his insightful and practical sharing.
Travel Insurance under Spotlight
W
ith the relaxation of travel restrictions and quarantine requirements, many Hong Kong people have resumed outbound travelling during the Christmas and Chinese New Year peak seasons. Many travellers, however, had questions about the coverage of travel insurance in the context of Covid-19. Some were uncertain about the insurance protection under the recent extreme weather in overseas destinations. Others were confused by the evolving landing restrictions imposed by other jurisdictions for Hong Kong flights. Thanks to the technical support from the Travel Sub-committee under the Accident Insurance Association, we were able to provide the media and the public with the timely information on travel insurance with clarity and certainty.