The East Asian Insurance Congress (EAIC) is back, and is currently taking place in Hong Kong where it recovers its mantle as the largest and most recognised event of its kind in the region.
Organised by the Hong Kong Federation of Insurers, the ongoing 30th EAIC has attracted 1,000 participants from 31 jurisdictions. It is held from 24-27 September 2024. The theme this year is “Back to the Future – Empowering East Asian Insurers for 2044 and Beyond”.
The previous two biennial EAIC conferences in 2020 and 2022 were cancelled in the wake of the COVID-19 pandemic.
Hong Kong
Mr Stephen Yiu, chairman of the Hong Kong Insurance Authority (IA), made a welcome address on 25 September 2024 at the EAIC.
Mr Yiu said that there was still a lot that the insurance industry in Hong Kong could do to realise its full societal value despite the status of the city as a regional insurance hub, “boasting the highest penetration rate, the second-highest density and the 16th largest total premiums in the world”.
The IA, charged with the statutory duties of enhancing prudential regulation and conducting supervision while stepping up business facilitation, has set itself the strategic goal of deepening financial inclusion and bridging protection gaps through balanced and sustainable market growth.
Mr Yiu pointed out, “After commencing independent operation in June 2017, the IA has spearheaded an array of projects to fortify the financial infrastructure.
“They include the group-wide supervisory framework which took effect in May 2021, the risk-based capital regime implemented in July 2024, and planning for the introduction of the proposed policyholders’ protection scheme.
“The team also put in place a reliable online portal for the licensing of insurance intermediaries, finished the renewal of around 85 000 deemed licensees against tight deadlines, and performed the first round of on-site inspections focusing on conduct and culture of insurers.”
He added that work was ongoing to promote Hong Kong as a competitive platform for the issuance of insurance-linked securities, an attractive captive domicile, and a vibrant wealth management centre.
Mr Yiu also said that at the product level, continuous progress is being made on efforts to expedite the development of parametric climate insurance products and extended elderly care products by pooling resources of the 11 cities in the Greater Bay Area, of which Hong Kong is a part.
Discussions and speeches at EAIC2024, which ends today, revolve around economic resilience and insurance; building a sustainable future; attracting talent to the insurance sector; raising the visibility of insurance in the socio-economic value chain; and the role of reinsurance in unlocking hidden potential.
Asia Insurance Review is the official media partner of the EAIC.