New Governing Committee
The 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
Mr Ellick Tsui
Deputy Chairman
Ms Sally Wan
Members
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
According 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)
The 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.
Expanded IUMI Asia Hub
Our market size may not be as big, but our passion for marine insurance and IUMI (International Union of Marine Insurance) is immense!
We are exceedingly delighted to welcome Ms. Clara Wang and Ms. Claire Yip to our IUMI Asia Hub team after their being elected to the IUMI Technical Committees. They contribute not only expertise in marine insurance but also enhance our age and gender diversity. Together with the existing Asia Hub members, we serve on the Executive Committee, the Nominating Committee, four Technical Committees, and two Forums.
Combating Suspicious Fraudulent Work Injury Claims
Fraudulent employee's compensation (EC) claims represent a significant and growing challenge for the insurance industry, employers, and society at large. These claims not only drive insurance costs up but also undermine the integrity of the EC system. To address this issue, the HKFI invited legal experts in Johnson Stokes & Master, to share insights on the latest judicial approaches to fraudulent and exaggerated claims, and practical tips and strategies for detecting, preventing, and combating fraudulent EC claims. We are pleased to report that we received notable positive feedback from attendees.
Outreach Programme for Police Force on Retirement Planning and Health Protection
Hong Kong ranks first in insurance penetration and second in insurance density globally. While the public recognizes the importance of insurance, many struggle to choose the right coverage to address their protection gaps. It is our responsibility to enhance public knowledge and assist individuals in finding the appropriate coverage for their peace of mind.
Our latest outreach programme took place on 28 April 2025, focusing on the Hong Kong Police Force. Experts from the HKFI provided police officers with updated information and tips on selecting medical insurance and planning for retirement. This marks the first of many outreach initiatives aimed at various sectors of our community, and we are prepared to conduct more sharing sessions in the future.
People Development
