Year 2008 - Insurance Industry after current finanical tsunami

36 2008 YEARBOOK 二 〇 〇 八 年 年 刊 President Report 2008 is a challenging year for the Chamber and the insurance industry as a whole. The world economy is making a halt in growth and indeed slipping into a recessionary cycle from October 2008. The confidence crisis to financial industry has been adversely affecting financial market while insurance intermediaries are feeling the negative impact of the recessionary economy from the last quarter of 2008. Though your Chamber is no better than others in foreseeing the direction of the economy, in my address for the 2008 Inauguration Ceremony, I had pinpointed the need of taking proactive stand in equipping ourselves to meet the needs of insuring public and challenges ahead. I had also identified key initiatives for the year of 2008 and I would like to report the progress made during the year on these key initiatives: 1) Set up subcommittees to study on Insurance Intermediaries Best Practices, China Market Opportunity and Healthcare Reform and Financing Ms Karen Ho, Secretary is heading the Insurance Intermediaries Best Practices Subcommittee (IIBPS). Phase 1 was completed on schedule and work will continue into 2009 and more details will be sent out to members in 2009. China Sub-committee (CS) is chaired by Mr. Roger Tsang, our IPP. Under Mr.Tsang’s chairmanship, your Chamber had been establishing close link with Shenzhen Insurance Intermediary Association. Your Chamber had also disseminated official information regarding establishment of corporate agent in China under CEPA 4 as well as successfully launched of the first HK/SZ Friendly Soccer Tournament on 6 Dec 2008. Recently, your chamber was asked by IA to give opinion on CEPA 4 regarding corporate agent establishment in China. Study tour to Sun Hing China was attended by over 30 members in August 2008. Under the chairmanship of Mr. Geoffrey Lung, Healthcare Reform and Financing (HRFS) had written up Chamber’s position paper on the subject and submitted to the Director of Food and Health Bureau of the HKSAR Govt. The same was sent to our members by e-mail in Jul 2008. 2) Active participation in insurance industry activities Your President had actively attended on behalf of the Chamber in the Discussion Forum convened by Mr. KP Chan, Legco Member of the Insurance Constituency, which was focused on working out key issues and steps of the industry in the wake of current financial turmoil. More details would be reported to members. Your Chamber had been joining the monthly InsuranceAssociation Gathering hosted in turn by seven insurance associations in Hong Kong Representatives from the chamber attended annual Cross Strait Insurance Conference, annual dinners and anniversary functions of other insurance associations and other industry events. 3) Active participation in community service Your chamber had joined the fund raising program for Szechuan earthquake victims.Thanks to the keen support of your Executive Committee members, Board of Counselors and some members, total fund raised was $31,788.80 which was passed to Red Cross. Our support to FU Hong Society continued in 2008.A donation box was used to collect donations in our monthly last Friday Fellowship Drinks. This year, your chamber had participated in the Flag Day and walkathon organized by them. Total fund raised for Fu Hong Society was $11,770.10. 16th Annual General Meeting 2008