The Asian Actuarial Conference 2024 started yesterday in Hong with the theme "Exploring the future of insurance and beyond: Innovation, international hubs and Hong Kong", drawing over 1,000 delegates from around the world.
The opening address by Hong Kong SAR under-secretary for financial services and the treasury Joseph Chan was emphatic and determined. “We are at the intersection of profound change,” he said and went on to talk about the three pillars underpinning insurance growth as being innovation, international hubs and Hong Kong.
On the subject of innovation, he said, “Technology is revolutionising processes, but it is the expertise of actuaries that makes it possible to implement it.”
Mr Chan went on to touch on the supporting regulatory environment – including sandboxes that allow for safe testing - and pointed to the four licensed virtual insurers currently operating in Hong Kong. With the addition of the InsurTech sandbox, he said, “The result is a more agile, customer-centric insurance sector to serve the public.”
Mr Chan said, “Innovation is not just about technology. It is also about developing new products,” like cyber and climate-risk insurance. “Actuaries are at the forefront of understanding the risks posed,” he said.
In the area of insurance-linked securities and CAT bonds he said, “Hong Kong is a pioneer and has emerged as a hub for CAT bonds in Asia Pacific.”
“Actuaries are the bridge between technology and risk,” he said.
He ended by pointing to the deep pool of actuarial talent that Hong Kong has as well as its “vibrant economy and world-class infrastructure. Hong Kong boasts a rich ecosystem for actuarial talent development,” he said.
“Hong Kong is not just a participant, it is a leader in defining the future of insurance in Asia Pacific,” Mr Chan said.