Asian Insurance Forum 2023 successfully concluded with record-high participation and insightful exchanges on financial stability and resilience
8 December 2023
The Asian Insurance Forum (AIF) was held today (8 December 2023) in hybrid format under the theme of “Striving for Enhanced Global Financial Stability and Resilience”, with over 20 local and overseas speakers delving into contemporary topics such as the advantages of Hong Kong as a risk management centre; a heatmap of global financial markets; how Environmental, Social and Governance (ESG) and Diversity, Equity and Inclusion (DEI) generate business value; and synergies between insurance and Web3 development.
This event was joined by 1,700 participants online and in-person, including regulatory counterparts from Europe, America and Asia who attended a meeting of the Macroprudential Monitoring Working Group of the International Association of Insurance Supervisors (IAIS) taking place earlier this week. “We are pleased that the visitors could have an opportunity to experience the vibrancy and vitality of Hong Kong as an international financial centre after recovering from the pandemic,” commented by Mr Clement Cheung, Chief Executive Officer of the Insurance Authority (IA).
In his opening remarks, Mr Stephen Yiu, Chairman of the IA, recounted the experience and lessons learnt from the pandemic and highlighted the need for joint efforts when navigating through the headwinds. “We must humbly learn from the pandemic how fragile and vulnerable even the most powerful nations are against Mother Nature, and we must carefully reflect on how priorities should be allocated in life. When the world is getting increasingly divergent and fragmented, we must also realise that problems and challenges faced by mankind cannot be successfully tackled without mutual trust and cooperation. We might live in different communities far apart, yet our future and even our very existence are inexorably intertwined.”
Mr John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), cast a strong vote of confidence on future development of the insurance industry, stating in the first keynote speech, “In a world beset with uncertainty and instability, insurance has grown ever more important, providing much-needed security and peace of mind for us all. I am confident that the insurance industry will continue to create opportunity for our financial services sector, for the Hong Kong economy and for the community at large.”
The second keynote speech was delivered by Mr Paul Chan, Financial Secretary of the HKSAR. "Beyond maintaining the stability and security of the financial system, it is through consistently developing and enhancing our financial markets that we could strengthen our resilience. We know that in a highly competitive world of finance, we must never stop improving and reinventing ourselves so as to stay ahead of the competition," he said. He also highlighted and shared observations on areas that characterise the local industry’s development in the future: innovation and technology, climate change, and the social value of insurance.
Mr Jonathan Dixon, Secretary General of the IAIS, delivered a third keynote speech in the afternoon and outlined why resilience needs to be a more important focus than ever in the current global environment, and why taking advantage of innovation while persistently pursuing sustainability are also the core focus of the global insurance supervisory community at the level of the IAIS.
Please refer to the AIF website for more details.
Ends
Mr Stephen Yiu, Chairman of the IA, delivers the opening remarks at the AIF.
Mr John Lee, Chief Executive of the HKSAR, delivers a speech at the AIF.
Officiating guests at the opening ceremony of AIF 2023: (from left) Mr Clement Cheung, Chief Executive Officer of the IA; Professor Christine Loh, Chief Development Strategist of Institute for the Environment of the Hong Kong University of Science and Technology; Mr Jonathan Dixon, Secretary General of the IAIS; Mr Yin Zonghua, Deputy Director of the Liaison Office of the Central People’s Government in the HKSAR; Mr John Lee, Chief Executive of the HKSAR; Mr Stephen Yiu, Chairman of the IA; Mr Pei Guang, Director-General of the National Financial Regulatory Administration Guangdong Office; Mr Bernard Chan, Former Convenor of the Non-Official Members of Executive Council of the HKSAR; and Dr Au King-lun, Executive Director of Financial Services Development Council.
The keynote speaker for the breakout luncheon is Mr Paul Chan, Financial Secretary of the HKSAR.
Mr Stephen Yiu, Chairman of the IA and Mr Clement Cheung, Chief Executive Officer of the IA, deliver the concluding remarks.
AIF 2023 attracts around 1,700 participants from Hong Kong and overseas.