Sep 2023
Issue No.314
Publicity on Insurance Coverage for Extreme Weather
H
ong Kong suffered from severe weather events in early September. This served as a reminder of the pivotal role played by insurance in providing both financial protection and peace of mind to businesses and individuals in distress. During the past month, we have been tirelessly conveying this crucial message to the public through the media. At the same time, we tried to dispel unfounded misconceptions surrounding insurance. Among them are baseless claims that motor insurance becomes invalid during typhoon signal no 8 and black rainstorm, or that employees going to work during such periods are not covered by workman compensation. Going forward, we will continue our communication efforts through various channel including our social media platform, HKFI Smart Union Facebook fan page, to raise public awareness about the need for adequate coverage to mitigate potential risk exposure.
HKFI’s Submission to Policy Address 2023
O
n 21 August 2023, the HKFI Chairman Ms Orchis Li attended the consultation session on Policy Address 2023 to express our industry's common aspirations and wishlists. Subsequently, HKFI submitted to the Administration a comprehensive proposal of the common goals of the sector as indicated below: • Expand the market and attract more international financial capital to Hong Kong • Leverage Hong Kong's proposition as a risk management hub connecting the Greater Bay Area (GBA) • Deepen local and international talent and human capital • Offer incentives under Hong Kong Risk Based Capital (HKRBC) to invest in Green and Sustainable Finance (GSF) instruments • Provide tax incentives for more retirement/saving products, Protection Linked Plan (PLP), and green products • Facilitate the application of InsurTech and fraud prevention • Support the development of marine insurance from the perspectives of entering Free Trade Agreements, talent training and incentives to attract leading marine insurance companies to Hong Kong Backed by Members’ expertise, HKFI is fully committed to collaborating with the Administration to strengthen Hong Kong's position as an international insurance centre and risk management hub.
Meeting with Chief Executive’s Policy Unit
S
ince the release of proposal of HKFI’s Think Tank on Reinventing Hong Kong’s International Insurance Hub (Think Tank) earlier this year, the HKFI Think Tank proactively engaged various key stakeholders and advocated for implementation. On 22 August 2023, we had an interactive dialogue with Head of the Chief Executive’s Policy Unit Dr Stephen Wong, Deputy Head Mr Nicholas Kwan and Dr Chunxin Wang. Think Tank convenor Mr Edward Moncreiffe and subgroup leaders Ms Sally Wan and Ms Winnie Wong shared industry insights from positioning Hong Kong as a professional risk management centre for Greater China to promoting captive insurance and Insurance-linked Securities. HKFI will continuously work with our members and engage different stakeholders to facilitate our sector development.