The Insurance Authority (IA) of Hong Kong has announced and welcomed a government decision to reappoint Clement Cheung as its chief executive officer for another three-year term, from Aug. 15, 2023 to Aug. 14, 2026.
In a news release, IA chairman Stephen Yiu said that Cheing has played a key role in navigating the regulator through its formation period, in addition to setting strategic visions and performance indicators for the sustainable development of Hong Kong’s insurance market amidst rising volatility and complexity.
Yiu also paid tribute to both Carol Hui and Simon Lam, former executive directors who left the IA after completing their respective tenures.
“Under the capable and determined leadership of Mr Cheung, the IA has accomplished a host of achievements that not only helped to bolster financial stability and resilience, but also to realise the social value of insurance,” Yiu said. “Some prominent examples include design and calibration of the Risk-based Capital Regime, implementation of the group-wide supervision framework, advent of four virtual insurers, introduction of innovative products to facilitate retirement planning, nurturing of an ecosystem for insurance-linked securities, as well as drawing up of a mechanism for conduct supervision and disciplinary enforcement. The IA, and indeed the insurance industry, will continue to benefit from his guidance and shepherding.”
Elsewhere in the city-state, a recent study from consultancy Capco revealed that an overwhelming majority of Hong Kong and Greater Bay Area (GBA) insurance policyholders are willing to share more personal data with insurers to benefit from better, more personalized products.
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