News Story Filming Competition Award Presentation Ceremony held under Pilot Programme to Enhance Talent Training for the Insurance Sector (with photos)
Speaking at the ceremony, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, said that the insurance industry forms the backbone of the financial industry, which is an important economic pillar of Hong Kong. The total gross premiums of Hong Kong's insurance industry in the first quarter of 2017 amounted to $122 billion, an increase of 20.7 per cent compared to the corresponding period in 2016. The industry is one of the main propellers of domestic economic growth.
Mr Chan also cited factors contributing to Hong Kong's competitive edge, such as rule of law, efficiency, language skills and a favourable business environment along with a strong demand for insurance services, which have successfully attracted many multinational insurance groups to operate a wide range of insurance businesses in Hong Kong. As at June 30, 2017, there were 159 authorised insurers in Hong Kong and over 100,000 insurance agents and brokers as well as professionals at the middle and back offices, such as underwriting, claims management, actuary and risk management, showing the robust growth of the industry. To further optimise the growth, the newly established Insurance Authority (IA) took over the regulatory functions of the former Office of the Commissioner of Insurance at the end of June this year and has become a statutory regulator independent from both the Government and the insurance industry. The Government, the IA and the insurance industry are all co-operating closely to further promote the sustainable development of the insurance industry.
Mr Chan said, "There are many opportunities for the insurance industry to develop business in both local and overseas markets. For example, under the Mainland and Hong Kong Closer Economic Partnership Agreement, it facilitates both the insurance industry and insurance intermediaries to enter the Mainland market, and be benefit from the economic growth of Mainland China. In the meantime, following the Belt and Road Initiative and the development plan for the Guangdong-Hong Kong-Macao Bay Area implemented by the Central Government, Hong Kong insurance sector could play the role as a bridge between the Mainland and Hong Kong. These, together with innovations in financial technology, have spurred the greater demand for talents in the insurance industry. The Government introduced the Pilot Programme to Enhance Talent Training for the Insurance Sector in August 2016, to inject new blood for the industry, particularly professionals working at the middle and back offices. The Programme also aims to enhance public knowledge about the insurance industry beyond the front-line positions, including the job nature and career prospect of positions in the middle and back offices.”
The three-year Pilot Programme was launched in August 2016, with the objective of promoting public awareness of the wide range of career opportunities and prospects in the insurance sector. The Vocational Training Council has been appointed as the implementing agent by the Financial Services and the Treasury Bureau (FSTB). Modules under the Pilot Programme include the Financial Incentive Scheme for Professional Training, the Summer Internship Programme, the Work-and-Learn Programme and the Public Education Programme. The FSTB and the sector have jointly organised a wide range of educational activities. Seminars, exhibitions and workshops have been held and more than 10 professional training programmes have been subsidised, benefiting more than 700 people.
The News Story Filming Competition was one of the activities under the Public Education Programme. The competition aimed to educate the youth and the public about the career opportunities within the industry through seminars, workshops and news reporting video shooting. It was arranged in categories of secondary and tertiary student groups. In each category, there was one champion, one first-runner up and one second-runner up. Twenty-six entries were received in total. The winners were awarded at today’s event, at which industry veterans were invited to share with young audiences their insights and discuss their working experience.
In the future, the Pilot Programme will convey to the public the importance of the insurance industry in the local economy and the crucial role of the industry in the protection of daily operations and life in society through more diverse channels, including MTR and bus body advertising, complemented by a series of informative TV programmes featuring different functional posts within the insurance industry.
For details about the Pilot Programme to Enhance Talent Training for the Insurance Sector, please visit www.instalent.org.hk.
Ends/Saturday, September 16, 2017
Issued at HKT 15:55
Issued at HKT 15:55