Exclusive Roundtable Dialogue for PBEC – An in depth discussion on the Insurance Industry in Greater China 2020/21

Expert Speakers:
Dr. Moses Cheng  GBM, GBS, OBE, JP, Chairman of the Hong Kong Insurance Authority

Peter J. Crewe Former CEO of AIA Hong Kong and Macao & Senior Advisor/Non-Executive to the AIA Group.

Moderator:
Michael Walsh PBEC – Pacific Basin Economic Council CEO


Recorded in late December 2020 exclusively for PBEC.

 


Watch the webinar here

Michael Walsh PBEC CEO opens with a brief introduction of PBEC, both men’s backgrounds and roles in their respective expert fields.

We kicked off the exclusive interview with a Summary of the Greater China Insurance Sector in 2020 and key actions taken to mitigate the effects of Covid-19.

  • Michael then asks them separately for a mini summary of 2020 key events in the HK and Asian insurance sector. Both Dr. Moses and Peter Crewe share the challenges that have been faced by the sector since the pandemic broke.
  • Moving onto the China market specifically – we discuss the further opening-up of the China market, in particular the GBA, which is creating new job & business expansion opportunities for HK companies despite Covid-19.
  • We turn the regulator Hong Kong Insurance Authority to discuss key policies and support measures during this challenging period for stakeholders and ask about consistently and collaboration efforts with other regional bodies.

We then turned the conversation on to digital transformation, equality, sustainability & further job creation.

  • We asked both speakers what is the regulator, the HK Government and the regional private sector doing to promote green insurance?
  • The IA has been talking about the structural imbalance in the life market towards products with significant savings or investments elements and a glaring protection gap. We put Dr. Moses in the hotseat in answering what have been done to narrow the gap and reduce the imbalance.
  • Digital transformation – our experts go on to share their views on how fast things are moving in HK. We also discuss whether HK remains competitive in providing insurance services & products and how important the China market is looking ahead.
  • Build back better – a lot of industries & Governments are adopting this tagline for the Covid recovery, we ask both speakers what this means for the insurance sector and what it means for its future direction.

The conversation moved onto asking for predictions and advice for the next generation of insurers and budding entrepreneurs considering a career path.

  • Turning to 2021 predictions and trends and beyond- we asked both Dr. Moses Cheng and Peter Crewe what they see are the opportunities as well as what they hope to see happen in relation to the insurance sector or policy related if it were up to them.
  • Given both leaders long and successful, we asked for their advice for young people watching and why they should consider a career in Insurance. Dr. Moses Cheng highlighted the multiple job opportunities beyond the frontline sales role, accountants, IT specialists, data analysts, HR etc…. Whilst Peter shared what his own experiences have been and what excites them both about the role insurance can play in Greater China’s society. Promoting Health and longer lives.

About:

Hong Kong Insurance Authority: The IA is independent of both the Government and the insurance industry.  Its mission is to be a credible regulator and protect policy holders through effective regulation, enhanced professionalism and public engagement. It strives to provide an efficient, modernized regulatory regime to promote the global competitiveness and sustainability for the Hong Kong insurance industry. It actively promotes Hong Kong as a key insurance hub in the Asia-Pacific region.

AIA Group: AIA is the largest independent publicly listed pan-Asian life insurance group – with a presence in 18 markets across the Asia-Pacific region. Our Vision is to be the world’s pre-eminent life insurance provider. That is our service to our customers and our shareholders. Our Purpose is to help people live Healthier, Longer, Better Lives, in every community we live and work, with products and policies that don’t just protect lives but help make lives healthier, longer and better.

Pacific Basin Economic Council (PBEC): Is an influential independent Think Tank advocating sustainable economic regional development in Asia and the Pacific founded by Weldon B. Gibson in 1967 with the objective of facilitating business in the Asia-Pacific region. It provides a platform for business leaders to share their Authentic Intelligence. The Secretariat is located in Hong Kong since 2003 and its current Chief Executive is Michael Walsh

External video Link: https://youtu.be/pJI2KKkbsZY

 

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