May 2025
Greetings from HKFI Chairman
I am truly honoured to be elected as the HKFI Chairman for the 2025/2026 term. Over the next 12 months, we will continue to focus on fostering industry growth, safeguarding our Members' interests, and enhancing community welfare. I greatly value your guidance and support as we work together to create a promising future and a sustainable market for our insurance industry. Let’s join our efforts for the betterment of both our industry and the community.
Ellick Tsui
Sustainability of Medical Insurance
As reported in the previous Monthly Brief, the HKFI is now reviewing the long term sustainability of medical insurance and exploring ways to improve the current ecosystem.
We are thus pleased to see the Health Bureau’s legislative proposals aimed at improving price transparency of private healthcare services. The paper revealed the drawbacks of the current lack of transparency in medical service charges, including significant differences in fees for similar services, complex pricing structures, and disordered price information that makes comparison difficult for consumers. It also aptly pointed out that "Price transparency is particularly important for citizens in deciding whether to use private healthcare services. Failure to address this issue properly could trap Hong Kong’s healthcare system in a vicious circle: opaque pricing practice in private healthcare and continued escalation in fee levels would not only deter the public from using the services, but also increase the premium level of health insurance and disincentivise citizens in purchasing or renewing policies."
The three legislative and long-term enhancement measures suggested by the Health Bureau focusing on the above-mentioned issues and put forward feasible improvement plans. The HKFI will respond proactively to the consultation of the Health Bureau, and hope the legislative proposal can be implemented soon for the benefits of our society.
Simultaneously, the HKFI is also collaborating with PolyU-CPCE’s Centre for Ageing and Healthcare Management Research on an independent research project titled “The Determinants of Post-Pandemic Medical Inflation: An Analysis of Private Insurance Claims Data in Hong Kong”.
Going forward, we will continue to work with different stakeholders to help address the pressing challenges in the medical insurance landscape.
HKFI Welcomes Commencement of Legislation on Company Re-domiciliation Regime
The HKFI welcomes the enactment of the Companies (Amendment) (No.2) Bill 2024, effective from 23 May 2025. This legislation provides a fast-track legal mechanism that facilitates the re-domiciliation of international insurers to Hong Kong. This new framework streamlines regulatory and financial obligations, further enhancing insurers’ ability to serve local customers and meet market needs.
We appreciate the tireless efforts from the Financial Services and the Treasury Bureau as well as the Insurance Authority (IA) throughout the legislation process. The HKFI has worked closely with the Administration on this important initiative, rendering technical advice and support through our dedicated Special Project Team.
Several international insurers are already planning to capitalize on this legal mechanism to re-domicile to Hong Kong. This move represents a significant vote of confidence in Hong Kong and will further solidify Hong Kong's status as a global financial hub.
Pilot Climate Data Study with IA and HKUST
HKFI's Task Force on Green Insurance, the IA and the Hong Kong University of Science and Technology’s Institute for the Environment are working on a pilot study focusing on the correlation between insurance losses and extreme weather event modelling. This collaboration between industry and academia is set to enhance climate data development and strengthen risk management within the insurance sector.
This initiative builds on HKFI’s ongoing efforts on climate data development as outlined in the Consultancy Study on Green Insurance in 2023 and Fire Insurance Association’s ongoing efforts to compile claims data related to severe weather events. We are excited about the potential of this collaboration and look forward to seeing positive development from this project.
Hong Kong Insurance Awards 2025
Here comes the launch of the most awaited award of our industry – the Hong Kong Insurance Awards 2025!
Building on the success of the past decade, we are excited to introduce a brandnew image for the Hong Kong Insurance Awards 2025, which will be unveiled soon. Applications will open in June 2025, with more exciting categories introduced. Stay tuned for the application details. We look forward to seeing you at the presentation ceremony and gala dinner, to be held at Regent Hong Kong on 23 October 2025, to celebrate your remarkable achievements!
Hong Kong Insurance Market Research 2025 Released
Since 2017, the HKFI has been conducting the Hong Kong Insurance Market Research to understand consumer perceptions and attitudes towards the insurance industry, providing a comprehensive view of market trends.
The latest report, "Hong Kong Insurance Market Research 2025", was released to the participating members on 14 May 2025. The follow-up briefing session held on 30 May 2025 was attended by over 50 representatives of these insurance companies. Valuable insights into the recent insurance market trends were offered, helping our members understand product purchase intentions and customer satisfaction with Net Promoter Scores (NPS).
In addition to the research findings, the appointed researchers of NielsenIQ provided insights on service enhancement and new growth opportunities. Attendees left with a clearer understanding of customer preferences and behaviours, which will facilitate future product and service improvements. Members interested in purchasing the industry report, please contact the Secretariat.
People Development
Re-run of the KPIM-CPD training course in June and July 2025, for details and enrollment, please visit our website at https://event.hkfi.org.hk/en_US/event
Internship Referral Initiative for Undergraduates
HKFI x KPMG Training Session: “Risks and Opportunities from Emerging Investment Solutions for Life Insurers under RBC” was successfully held on 23 May 2025
The most effective way to attract new talent to our industry is by providing opportunities for them to gain handson experience. To this end, we have launched an initiative to facilitate summer internships offered by insurers to university students. We have received over 60 placements from more than 10 insurers, which have been shared with six local universities for their students to apply.
Membership
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HKFI Membership
As at 30 May 2025, the HKFI has 79 General Insurance Members and 53 Life Insurance Members.
