Feb 2024
Issue No.319
Budget Speech 2024-25
T
he Hong Kong Federation of Insurers (HKFI) welcomes the measures announced by the Financial Secretary in his 2024-2025 Budget on 28 February 2024 and issued a media statement on the same day. We are delighted to note that the measures therein are aligned with some of our proposals, including re-domiciliation to Hong Kong, CIES, headquarters business and risk management, etc. Looking ahead, the HKFI will continue being the voice of the industry and collaborating with the Government to bring various initiatives to fruition, further enhancing Hong Kong's position as the International Financial Centre and Risk Management Hub.
Engagement with Industry Stakeholders
T
he HKFI Governing Committee had the pleasure of engaging in frank and constructive conversations with our key stakeholders in February.
On 14 February, we met Insurance Authority (IA) CEO Mr Clement Cheung and their newly appointed Executive Director of Policy and Legislation Mr Clement Lau over lunch. Apart from making Mr Lau’s acquaintance, we also shared our perspectives regarding several pertinent industry and regulatory matters. We are pleased to note the regulators’ willingness to actively listen and promptly address the issues raised. We hosted another luncheon for the Hon KP Chan on 26 February, which proved to be immensely valuable in terms of expressing our concerns regarding a multitude of pressing industry issues. We are grateful to the Hon Chan for not only attentively listening but also for taking swift action in addressing the specific matters that require immediate attention. Moving forward, our commitment remains steadfast in collaborating with diverse stakeholders to foster the growth and development of our sector.
Task Force on Motor Insurance Sustainable Development
T
o tackle the emerging challenges within the motor insurance industry, the General Insurance Council (GIC) has taken a strategic step by initiating a comprehensive overhaul of the current motor insurance ecosystem and value chain. To spearhead this effort, a dedicated Task Force convened by GIC Councillor Mr Kelvin Cheung has been established. The primary objectives of the Task Force include examining the multifaceted issues surrounding motor insurance and crafting a clear direction and roadmap to effectively address them.