Development roadmap for the insurance sector unveiled at the Asian Insurance Forum 2022
5 December 2022
The Asian Insurance Forum (AIF) 2022, the annual flagship event of the Insurance Authority (IA), was held today (5 December 2022) in hybrid format with the theme “Reflect, Reset, Revive for a Resilient Future”. Around 1,500 participants joined the distinguished speakers to take a deep dive into subjects relevant to future development of the insurance industry, that in turn impacts Hong Kong’s status as an international financial centre.
Mr Stephen Yiu, Chairman of the IA, said in his opening remarks, “The theme this year is carefully chosen since various parts of the world are resuming normal from the pandemic in accordance with its own pace. The insurance industry has demonstrated remarkable resilience and versatility amid the pandemic, offering appropriate and affordable products to shield members of the public from unexpected perils caused by prolonged disruption.”
Mr John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), highlighted in his keynote speech a strong impetus for growth of the insurance industry as Hong Kong leverages its unique advantages under the “One Country, Two Systems” principle and seeks integration into the national development arena. “Dovetailing with national strategies including the 14th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development, and the Belt and Road Initiative, we strive to seize opportunities for growth, while also serving people's needs and maintaining market stability. The insurance industry, being an integral and substantial part of our economy, will continue to play an important role in this new chapter for Hong Kong.”
Furthermore, the Government announced a development roadmap for the insurance sector, which was expounded by Mr Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR, and Mr Clement Cheung, Chief Executive Officer of the IA. Outlining a set of visions and missions, the roadmap attaches great importance to strengthening the role of Hong Kong as a global risk management centre and sophisticated insurance hub, while bridging protection gaps and promoting financial inclusion in our society.
The insightful exchange continued in the afternoon session kicked off by a fireside chat between Mr Paul Chan, Financial Secretary of the HKSAR, and Mr Chan Kin-por, the Non-Official Member of Executive Council and Member of Legislative Council (Insurance) of the HKSAR, who looked into cornerstones for success of the insurance industry against challenges such as connectivity, talent, competition and technology.
“Hong Kong is still very attractive for doing business and we have to further improve our traditional advantages. Instead of taking a ‘laissez-faire’ approach, the Government has been rolling out very proactive measures to attract talent and businesses,” said Mr Paul Chan.
The event also featured two keynote speeches delivered by Mr Liu Fushou, Chief Risk Officer of the China Banking and Insurance Regulatory Commission, and Mr Jonathan Dixon, Secretary General of the International Association of Insurance Supervisors, as well as three panel discussions where top insurance executives, medical practitioners, bankers, economists, technology experts, academic specialists, risk analysts and investment advisers shed light on a range of topics including the group-wide supervision framework, the dual circulation strategy and climate actions.
Please refer to the AIF website for more details.
Ends
Mr John Lee, Chief Executive of the HKSAR, delivers a speech at the AIF.
Mr Stephen Yiu, Chairman of the IA, gives the opening remarks at the AIF.
Officiating guests at the opening ceremony of AIF 2022: (from left) Mr Kwok Kwok-chuen, Chief Executive Officer of the Hong Kong Academy of Finance; Dr Stephen Wong, Member of Legislative Council (Election Committee) and Deputy Chairman of Panel on Financial Affairs of Legislative Council; Mr Chan Kin-por, Non-Official Member of Executive Council and Member of Legislative Council (Insurance); Mr John Lee, Chief Executive of the HKSAR; Mr Stephen Yiu, Chairman of the IA; Mr Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR; Mr Bernard Chan, Hong Kong Deputy of the National People’s Congress of the People’s Republic of China; Mr Clement Cheung, Chief Executive Officer of the IA.
Mr Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR, has a policy dialogue with Mr Clement Cheung, Chief Executive Officer of the IA, on the development roadmap for the insurance sector in Hong Kong.
Mr Paul Chan, Financial Secretary of the HKSAR, and Mr Chan Kin-por, Non-Official Member of Executive Council and Member of Legislative Council (Insurance), examine the cornerstones for the success of the Hong Kong insurance industry.
AIF 2022 attracts around 1,500 participants from Hong Kong and overseas.