Insurance experts explore strategies to address changing risk landscape and capture opportunities through innovations
11 January 2023
The risk landscape for the global insurance market has become increasingly complex and is evolving at an unprecedented pace, posing challenges to the insurance sector in devising business strategies and managing their operation. The Insurance Authority (IA) hosted a panel discussion titled “Insurance Innovation Unlocking Business Potential in the Post-Pandemic New Normal” today (11 January 2023) at the Asian Financial Forum (AFF)1, where industry leaders and experts shared insights on the changing risk appetite of businesses, and how the industry could turn these challenges into opportunities through innovations.
“Hong Kong has an extremely resilient insurance market and one of the strongest talent pools in the region, and what we further need is the confidence in ourselves,” said Mr MM Lee, Head of Technical Expert Team of the IA. “As we are facing a highly volatile market on the one hand and reopening of borders on the other hand, it is crucial for the industry to refresh strategic directions and capture the rising opportunities.”
The panel, composed of senior executives from leading insurers and a broker company, gave an overview of how the business environment and appetites had changed with emerging risks such as climate-related risks, inflation risks and geo-political risks, and the corresponding impact on the insurance market. They also shared views on risk management strategies under such market uncertainties.
The panel also placed focus on the future trends and opportunities for the Hong Kong insurance market in the next decade as speakers discussed noticeable trends of innovation in the life and non-life sectors since the beginning of the pandemic, and the competitive edges of Hong Kong as a global risk management centre and a regional insurance hub.
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1AFF is Asia’s premier platform for global leaders in government, finance and business to exchange insights, intelligence as well as to explore business and investment opportunities. More than 66,700 viewers had participated in the AFF 2022 for thought leadership and business networking, and to experience the latest fintech innovations and next-generation business ideas.
The Insurance Authority (IA) hosted a panel discussion at the Asian Financial Forum where insurance experts shared views on the changing risk landscape and how to capture opportunities through innovations.