Apr 2025
Issue No.332
New Governing Committee
T
he Annual General Meeting held on 30 April 2025 approved the formation of the new Governing Committee (GC) of the HKFI for 2025/2026 as follows:
Chairman
Deputy Chairman
Members
Mr Ellick Tsui
Ms Sally Wan
Mr Alfred Cheung Mr Kelvin Cheung Mr Alger Fung Mr Patrick Graham Mr Eric Hui Mr Clement Lam Mr Sheung-kin Li Mr Ivan Tam, MH
Sustainability of Medical Insurance
A
ccording to Insurance Authority's (IA) market statistics, the premium for Accident & Health insurance increased by 12.2% in 2023, yet it also reported a worsening underwriting loss from HK$279.7 million in 2022 to HK$866.7 million in 2023. These figures raise concerns about the sustainability of medical insurance. A major factor affecting the sustainability of the medical insurance pool is the escalating medical costs, which could render coverage unaffordable in the long term. In this connection, the HKFI is conducting a comprehensive review of the current ecosystem, including independent researches on the medical landscape in collaboration with reputable universities. At the same time, we will seek to streamline the claims process through digitization. Three industry experts will participate in a newly formed working group by the Hospital Authority and the IA, focusing on digitizing the application process and payment methods for medical records and reports. We will continue our efforts to address the pressing and complex challenges faced by both the industry and the insuring public.
Guideline on Cybersecurity (GL20)
T
he revised Guideline on Cybersecurity (GL20) officially came into effect in January 2025. The key feature of the updated guideline is the introduction of the Cyber Resilience Assessment Framework (CRAF) which sets a new standard for conducting assessments tailored to insurers’ risk levels. This marks a significant milestone in elevating the industry’s cybersecurity capabilities. With the rollout of the revised GL20, we have identified potential service providers to facilitate Members in complying with the CRAF requirements. Four potential service providers were invited to present their solutions to our Members during a dedicated session held earlier this month. Representatives from 44 Member Companies attended to review the available services. Through this exercise, we aim to assist our Members in engaging suitable service providers to conduct comprehensive risk assessments, enhance their cybersecurity capabilities, and ensure compliance with the new requirements.