Oct 2023
Issue No.315
Promoting Market Development Policy Address 2023 The Chief Executive of HKSAR Hon John Lee delivered his Policy Address 2023 on 25 October 2023. The HKFI issued a media statement on the same day to welcome initiatives such as the “Headquarters Economy”, various talent attraction and retention strategies, promotion of green and sustainable finance in Hong Kong and promotion of marine insurance which are all important initiatives for the development of the insurance industry. In our media statement, we emphasized our unwavering commitment to collaborate with the Government in order to strengthen Hong Kong's position as an insurance hub and a center for risk management. Meeting with Hon Starry Lee
On 17 October 2023, HKFI’s Governing Committee (GC) members had a candid discussion with the Hon Starry Lee, Member of Legislative Council (LegCo) and former Chairman of the Democratic Alliance for the Betterment and Progress of Hong Kong, over luncheon. In addition to exchanging ideas on how to drive further growth in the insurance sector, we actively explored avenues for enhancing Hong Kong's overall competitiveness. Moving forward, we will continue to work with stakeholders to facilitate the development of our sector and Hong Kong at large.
Launch of Insurance Industry Climate Charter and Briefing Session
O
n 20 October 2023, the HKFI officially released the first-ever climate charter in the Hong Kong insurance market and is now calling for sign-ups. More than 100 members attended the charter briefing session and received thorough information with regard to the charter from our project consultant. Mr Tony Chan, Associate Director of the Insurance Authority (IA) underscored the significance of the charter as a proactive and collective commitment, highlighting its launch as a significant milestone in our collaborative endeavors. Aligned with the regulator's vision, we firmly believe that the charter serves as a valuable instrument for showcasing our industry's strong community spirit in addressing the challenges of climate change. Action now and sign up for the charter. Together, we can create a better world for generations to come!
InsurTech
Revision of Guideline on Cybersecurity (GL 20) The IA is now conducting a review on GL 20 and plans to introduce new requirements on cybersecurity. To facilitate better understanding on the new measures, the InsurTech Task Forces (ITTF) arranged by IA’s Mr Tony Chan and Ms Jessica Yeung and their appointed consultant to provide an overview on the proposed enhancements and answer questions from Members at a briefing held on 6 October 2023. We have also collected comments from Members on the draft GL and provided the IA with a consolidated submission. Knowledge Building on Federated Learning (FL) Further to the HK Science and Technology Park’s introductory session in 2021 and Openhive’s handson Experience Workshops in 2022, we have recently introduced a PoC initiative in collaboration with Openhive and TransUnion (TU) on leveraging credit data for insurance through FL. Two half-day knowledge building workshops were held on 19 and 31 October 2023 and participating members may apply for the free of charge PoC (Circular Ref: Mv068/23).