In order to further strengthen the collaboration between the reinsurance and insurance sections and jointly respond to market changes as well as risk challenges, TPRe held the 2021 Insurance Market Seminar in Hong Kong on 28 October. Under the theme of “Manage Your Risks, Enjoy Taiping Service – 2021 Review & 2022 Outlook,” the seminar covered the global (re) insurance market, the impact of the pandemic and catastrophes on the insurance industry, and analysis of the IFRS 17 Insurance Contracts. Over 110 guests from the Hong Kong Insurance Authority (“IA”), the Monetary Authority of Macao, and more than 50 insurance companies from Hong Kong and Macao joined the seminar in-person or virtually.
Mr. Simon Lam, Executive Director (General Insurance) of IA, attended the meeting and delivered a speech. He said that the insurance industry should continue improving risk management and control, increasing the quality of domestic businesses such as Employees’ Compensation Insurance, Motor Vehicles Insurance, and Medical Insurance, and working together to promote the healthy development of the Hong Kong insurance market. At the same time, it is necessary for Hong Kong to fully utilize the support and resources of Mainland China, strengthen cooperation with the mainland market, and enhance its position as an international risk management center through developing its three pillars, including the captive domicile, the Specialty Risks Consortium and the insurance-linked securities market to promote communications and development of both the Hong Kong and mainland insurance markets.
Mr. Jiang Yidao, CEO of TPRe, analyzed the development trends of the global, mainland China, Hong Kong, and Macau markets over the past years. He said that the global insurance industry has faced severe challenges due to catastrophes and COVID-19 in recent years. With global climate change, the frequency and intensity of natural disasters are increasing, and the impact of COVID-19 on the insurance industry is uncertain and delayed. Therefore, insurance companies should plan for the long run, follow underwriting principles strictly and improve risk management. We propose that the insurance industry, under the guidance of the SAR governments and regulators, should actively seize opportunities in the Northern Metropolitan and Guangdong-Hong Kong-Macau Greater Bay Area, proactively engage in the developments of the Greater Bay Area and “the Belt and Road Initiatives” to create new markets and opportunities for Hong Kong and Macau insurance markets.