Record turnout at Asian Insurance Forum 2024 to navigate global trends and challenges

“The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) presents a far-reaching opportunity for Hong Kong to lead regional integration, facilitating mutual access to insurance markets and enabling smoother mobility of people and capital across the region,” said Lee, citing Hong Kong’s essential role in the GBA's development.

Global challenges and opportunities arising from closer collaboration 

Jonathan Dixon, Secretary General of the International Association of Insurance Supervisors (IAIS), delivered a comprehensive keynote celebrating the adoption of the Global Insurance Capital Standard (ICS) to strengthen the global insurance market.

In her keynote, Luo Yanjun, Director General of Mainland China’s National Financial Regulatory Administration, discussed opportunities from Hong Kong-Mainland insurance integration, expressing commitment to “strengthening bilateral regulatory cooperation” with Hong Kong.

Global supervisory priorities: cyber, climate and geopolitical risks 

The main forum comprised three panel discussions. Moderated by Laura Cha, Senior Advisor to the Board of Hong Kong Exchanges and Clearing Limited, the first panel discussion explored supervisory priorities among global regulators. According to a live audience poll, cyber, climate and geopolitical risks are the main issues facing the insurance sector.

Jad Ariss, Managing Director of the Geneva Association, focused on the systemic risks posed by these threats, noting that these risks challenge the very principle of diversification, which is fundamental to insurance, and that it is important for insurers to adopt forward-looking approaches and embrace innovation to manage these risks.

Suzanne Smith, an executive board member of the Australian Prudential Regulation Authority, discussed the affordability crisis from natural disasters in Australia. “The increasing frequency and severity of these events have driven premiums beyond the reach of many households,” she said. She emphasized the regulatory focus on insurance access, stating: “A successful insurance industry ensures accessibility and affordability for all.”

Andrew Mais, President of the National Association of Insurance Commissioners, USA, discussed how the ethical use of AI can help close protection gaps by potentially lowering product costs. He also addressed the regulatory focus on the increasing role of private equity in the insurance industry, as it brings both new capacity and challenges.

Jeferino dos Santos, Chief Actuary of Bermuda Monetary Authority, echoed the panel’s focus on collaboration, adding that cross-border risk sharing and regulatory collaboration are critical for maintaining resilience in the face of emerging challenges. 

Bolstering Hong Kong’s role as a headquarters economy

Moderated by Stephen Wong, Head of the Chief Executive’s Policy Unit of HKSAR, the second panel examined how Hong Kong can strengthen its position as a hub for regional and global headquarters.

Fiona Harris, Managing Director of Bupa Hong Kong, acknowledged that Hong Kong’s healthcare infrastructure is a key attraction for multinational firms. “Employers know they can provide their teams with access to world-class healthcare services here,” she said.

Alpha Lau, Director-General of Investment Promotion at Invest Hong Kong, elaborated on Hong Kong’s unmatched strategic advantages, describing it as “a stepping stone for businesses to expand to the rest of the world” and "a city uniquely positioned at the crossroads between the East and West, with world-class infrastructure and robust regulatory systems.”

"The competitive environment in Hong Kong drives us to innovate constantly, both in terms of technology and product. This capability has proven invaluable as we expand into Southeast Asian markets such as Indonesia and Thailand," said K C Chan, Chairman of WeLab Bank, a digital bank in Hong Kong.

Frederick Ma, Chairman of FWD Group, which has its regional headquarter in Hong Kong, discussed the city’s strategic advantages: a robust regulatory environment, market access and a talent pool. “Access to the GBA and the Mainland market is a tremendous advantage, offering strong growth potential for insurers looking to expand their footprint,” he said.

Anil Wadhwani, CEO of Prudential plc – also an Internationally Active Insurance Group based in Hong Kong – spoke about the opportunities provided by connectivity to the GBA, calling it a powerful growth driver. He described Hong Kong as “a magnet for international insurers, offering distinctive advantages that no other place can replicate.”

Growing interest in insurance wealth transfer products 

Moderated by Anna Wong, Non-Executive Director of IA, the third panel explored the evolving role of insurance in wealth management.

“In Hong Kong, third- and fourth-generation family offices are emerging, and the need for sophisticated succession planning has never been greater,” said Andrew Fung, Chief Strategy Officer of private family office Full Vision Capital. He added that Hong Kong uniquely combines innovative insurance products, strong regulation, and a business-friendly environment to meet family offices' specific wealth management needs.

Edward Moncreiffe, CEO of Global Insurance at HSBC, shared his observation that insurance as a versatile tool complements wealth management by addressing protection, liquidity and investment needs. He also noted the “tidal wave of demand” for wealth transfer and succession plan and thus relevant insurance products.

Philip Witherington, President and CEO of Manulife Asia, discussed innovation in insurance, describing modern products with dynamic features such as currency-switching, cross-border portability and multi-generational flexibility. He called for insurance to take on a larger role in wealth portfolio allocation.

CG Zhou, CEO of CPIC Investment Management (HK), stated that insurance is now integral to wealth portfolios, offering advantages such as tax optimisation, stability and hybrid options. He also noted the growing sophistication of products for high-net-worth individuals that addresses their financial goals, legacy and lifestyle aspirations holistically.

Resilience, innovation and leadership in the face of challenges 

During the luncheon session, Cheuk Wing-hing, Deputy Chief Secretary of HKSAR, highlighted Hong Kong’s resilience and global standing in the insurance industry.

“As a global insurance hub, Hong Kong has undertaken key initiatives to address the complex challenges of our time. We will also continue to invite Mainland and overseas enterprises to establish captive insurers in Hong Kong, providing a strategic platform for managing corporate risks. These measures ensure that Hong Kong remains resilient, innovative, and future-ready,” he said.

Following Cheuk’s luncheon remarks, a dialogue session with IA leadership was moderated by Clement Cheung, CEO of the IA. Joining him were Clement Lau, Executive Director of Policy and Legislation; MM Lee, Executive Director of General Business; Marty Lui, Executive Director of Long Term Business; Maria Tsui, Head of Enforcement; and Alan Wu, Acting Head of Conduct Supervision.

They had a candid exchange with the audience about how the IA pursued progress from various perspectives, guided by a collaborative, open-minded, visionary approach, and a strong team spirit.

The forum concluded with closing remarks from IA Chairman Stephen Yiu and IA CEO Clement Cheung, both reflecting on the way forward for Hong Kong’s insurance sector. “The Insurance Authority is committed to fostering innovation and collaboration to ensure the industry is well-prepared for the challenges ahead,” said Yiu.

Hong Kong to host IAIS Conference 2026

Hong Kong will host the IAIS Annual General Meeting and Annual Conference in 2026, welcoming over 600 delegates from 200 jurisdictions, according to IA Chairman Stephen Yiu. Hosting this notable international event will reinforce Hong Kong's status as a global risk management centre and a regional insurance hub. 

IAIS Secretary General Jonathan Dixon expressed confidence in the IA’s ability to deliver a memorable event.