Year 2008 - Insurance Industry after current finanical tsunami

11 2008 YEARBOOK 二 〇 〇 八 年 年 刊 information disclosure and strengthening the client needs analysis process. Although it may be unwise to venture an opinion on when the wave of turmoil will pass its crest, the industry should take a critical look at the foundation that it has been relying upon to chalk up an impressive track record of growth. For me, the answer rests with getting back to basics, to the mission of offering personal and family protection against the vicissitudes of life. This is already taking place because many insurers find it difficult to replicate the same success achieved in the last few years through marketing of investment linked assurance products. Such a paradigm change call for participation from the entire supply chain, notably frontline personnel who interact directly with customers. I look forward to receiving advice and counsel from the Hong Kong Chamber of Insurance Intermediaries in embracing this transition that will build up a robust platform for sustainable growth. Hong Kong is no stranger to the problems and adversities that the world is facing today. Our resilience, dynamism and commitment to free trade have guided us through countless adversities. I am confident that so long as the community is bonded together by a spirit of mutual trust and accommodation, we will ride out the financial tsunami and pave way for an early recovery. Clement Cheung , JP Commissioner of Insurance Mr Clement CHEUNG started his career in the Hong Kong Civil Service as anAdministrative Officer in 1983 and was closely involved with formulation of government policies on hospital services, public housing as well as trade and investment promotion. Before joining the formerWorks Bureau which has evolved into the Environment,Transport andWorks Bureau, Mr Cheung was Director of the Hong Kong Economic andTrade Office in Singapore responsible for ASEAN regional affairs. He assumed duty as Deputy Secretary for Environment,Transport andWorks in 2001 and was initially assigned with the task of implementing recommendations made by the Construction Industry Review Committee. His portfolio has since been expanded to cover management of the PublicWorks Programme with an average annual expenditure of $29 billion, greening strategies and initiatives, as well as organizational reforms and resource planning for theWorks Departments. He took up his present appointment as Commissioner of Insurance in July 2006.