Monthly Brief 2024/12 EN

Dec 2024 Issue No.328

HKFI General Meeting 2024

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he HKFI General Meeting held on 12 December 2024 considered and approved the member subscription fees for 2025. In view of the oneoff surplus generated from the organization of the EAIC 2024 Hong Kong Conference (EAIC 2024), the subscription fees for both General Insurance Members and Life Insurance Members will remain unchanged for one year.

Christmas Cocktail Party 2024

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ollowing the HKFI and Insurance Complaints Bureau (ICB) General Meeting, we hosted our traditional Christmas Cocktail Party at the newly upgraded conference room. We were thrilled to unveil our newly installed LED wall, a testament to our commitment to enhancing our facilities for a better user journey and training experience.

The highlight of the evening was the announcement of a donation from the EAIC 2024 surplus to the HKFI Educational Trust. We hosted the EAIC 2024 in September for over 1,000 delegates, with 60% from overseas. Thanks to the staunch support from our sponsors and delegates, the event has achieved a surplus. One-third of the revenue generated was donated to the HKFI Educational Trust, which has awarded 389 scholarships totaling HK$7.7 million to outstanding university students in insurance-related fields since 1989.

More than 140 members and industry friends joined us to celebrate this festive occasion. To relive the joyous moments of that evening, please visit HKFI website.

2025-26 Budget Consultation

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KFI Chairman Mr Ivan Tam was invited to attend the 2025-26 Budget Consultation Session for the Financial and Related Professional Services Sector. During the session, he highlighted several proposals aimed at addressing the protection gap in retirement through insurance, nurturing talents, and the development of marine insurance, among other initiatives. These proposals resonate with long-standing aspirations of life and non-life insurers and align with the strategic direction outlined in the 2024 Policy Address which has provided a clear roadmap to facilitate our sector development.

HKFI will also submit a detailed written proposal to the Administration for their thorough consideration.

Train-the-Trainer - Effective Identification and Prevention of Scam

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hile we are actively combating fraudulent claims through our IFPCD, we remain acutely aware of the serious threats posed by ongoing scams and deceptions. To help our members better understand the latest fraud trends and prevent such incidents, we have organized the above train-thetrainer session on 9 December 2024.

The session conducted by the Commercial Crime Bureau of the Hong Kong Police Force featured the latest fraud tactics and provided practical tips for identifying suspicious activities more effectively. Participants would also receive instructional materials to assist with training within their organizations.

We are committed to collaborating closely with law enforcement agencies to combat all forms of fraud, raise awareness, and protect the insuring public from these illegal activities.

Visit from Europe and US Investors

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n 6 December 2024, the HKFI received Keefe, Bruyette & Woods (KBW) visitors, and other investors from Europe and the US. We shared with them the strengths of Hong Kong insurance industry and discussed the business landscape, including the emerging trends and opportunities. The meeting was interactive with exchanges that deepened the visitors’ understanding and perspectives on the Hong Kong market.

Increase of ICB Jurisdiction Limit

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he jurisdiction limit of Insurance Complaints Bureau (ICB) has been set at HK$1.2 million since 2022. In response to ongoing inflation and the increasing demand for higher insurance cover, ICB has decided to raise its jurisdiction limit to HK$1.5 million, effective 1 January 2025. Moving forward, ICB is committed to regularly reviewing its jurisdiction limit to ensure it remains aligned with market conditions.

HKFI addressing the Flood Management Conference

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s one of the supporting organizations, HKFI has been invited to speak at the International Conference on Integrated Flood Management Strategy co-organized by Drainage Services Department and the Hong Kong Institution of Engineers - Civil Division.

During the event, Chairman of Fire Insurance Association Mr Clement Hau delivered a presentation on "Financial Risks and Insurance Related to Flooding Under Climate Change in Hong Kong". He put forth the need for insurers to strike a balance between affordability and coverage. He also calls upon the industry to provide innovative solutions to address the evolving flood risks and highlighted the importance of proactive strategies to mitigate financial risks associated with climate change.

Launch of Travel IFPCD

Christmas and New Year Greetings

n view of the spike of travel insurance claims, we are pleased to announce the launch of the Travel Insurance Fraud Prevention Claims Database (IFPCD) solution in 2025. Travel insurers are urged to fully utilize this effective industry collaboration solution to identify and tackle suspicious petty claims from opportunistic and networked fraud in the travel business.

Act now! Connect with the project team for onboarding details at claimsdb@hkfi.org.hk.

t this festive time, we want to thank you for your support and guidance during the year.

Wishing you all a Merry Christmas and a Blessed 2025!

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Membership News Change of Authorised Representative General Insurance Member: HDI Global SE – Mr Michael AHN Life Insurance Member: HKMC Annuity Limited – Mr Daniel LEONG HKFI Membership As at 23 Dec 2024, the HKFI has 80 General Insurance Members and 53 Life Insurance Members.