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Featured - 4 items
Who we are
The Hong Kong Insurance industry is facing unprecedented changes driven by developments in the regulatory regime, new reporting requirements under IFRS/HKFRS 17, digitalisation, changing customer expectations, and the rise of InsurTech.
Insurers in Hong Kong are also embracing the opportunities presented by various initiatives that are unique to Hong Kong, such as the anticipated establishment of ‘Insurance Connect’.
In PwC Hong Kong, our professionals from the insurance practice provide insights and advice to help Hong Kong insurers to address challenges, build trust, unlock value and transform.
How we can work with you
Actuarial advisory and model
Cyber security
Finance transformation
Regulatory reporting function implementation
Control and process review and recommendations
Data quality & management
Financial & regulatory reporting
Risk culture & conduct
Customer experience / conduct
Finance risk and capital management
Governance & control
Strategic cost management
Video
Insurance (Amendment) Bill 2023 for the implementation of the Risk-based Capital regime
The Hong Kong government introduced the Insurance (Amendment) Bill 2023 (‘Bill’) to enhance Hong Kong's insurance regulatory regime in alignment with international standards. The Risk-Based Capital (‘RBC’) framework will introduce a more risk-sensitive assessment of capital adequacy for each insurance company compared to the current regime. The introduction of RBC will further strengthen the financial position and resilience of the industry.
Watch our videos to find out how Bill sets out changes to the Insurance Ordinance (Cap. 41) to allow enactment of RBC. We also discussed the consequential amendments to the Inland Revenue Ordinance (Cap. 112) necessitated by the introduction of RBC.
0:02:09
Revisions to Inland Revenue Ordinance
0:04:21
More than meets the eye – Untap the value IFRS 17 delivers for Hong Kong general insurers
IFRS 17 is a major shake-up of insurance reporting on a global scale and for Hong Kong general insurers. The new accounting standards will bring more transparency and comparability to the way financial information is presented. Investors and stakeholders will get a detailed view of an general insurer’s risk exposures and financial performance.
In our video, we outline the key implications of IFRS 17 and share our recommendations on how general insurers in Hong Kong can approach their implementation journey.
Cybersecurity in digital transformation
July 2021
Cybersecurity is a crucial factor for insurers’ digital transformation journey, protecting them from the growing threat of cyberattacks.
Watch the video to find out our insights and recommendations on improving cyber hygiene.
0:04:15
Insurance-linked securities
July 2021
To promote Hong Kong’s role as a global risk management centre and to attract insurance and reinsurance businesses to set up their regional hubs in Hong Kong, the HKSAR Government has undertaken a series of legislative work. The establishment of new regulations in respect of insurance-linked securities (ILS), and also the launch of the ILS pilot programme in the 2021/22 Budget are the important steps to encourage cross-border RMB reinsurance.
Watch our video to learn about what ILS is, the implications and business opportunities for insurers in Hong Kong.
0:04:13
Part 1
0:04:29
Part 2
0:05:08
Transfer pricing for insurers
June 2021
With increased scrutiny on transfer pricing in Hong Kong and internationally, insurers may need to revisit their approaches to transfer pricing documentation and governance. Watch our video to find out the unique issues, potential pitfalls and our recommendations for the insurance industry.
The Own Risk and Solvency Assessment (ORSA) -
Driving high-quality risk management processes across the insurance industry
June 2021
After submission of the first ORSA reports in Hong Kong, the regulator and the industry alike will want to turn their attention next to how the risk management processes that are articulated in these first ORSA reports can be improved, and especially how risk management processes can be embedded, through the ORSA, in the running of the company.
In this two-part video, we outline three key areas of continued focus for the Hong Kong insurance industry in embedding high-quality risk management processes through the ORSA.
0:03:06
Part 1
Industry update on tax policies in Hong Kong
May 2021
In this video, we are going to look at the tax policies for Insurance industry in Hong Kong, and share insights on how the government help to further develop this industry.
0:04:58
What is actuarial modernisation
Jun 2020
This is the first video in our series about actuarial modernisation.
PwC has recently run a global survey on actuarial modernisation to understand the current state of transformation initiatives across both Life and P&C companies. What have we learned from that in terms of the drivers of modernisation?
PwC joint business relationship with Moody's Analytics
The joint alliance with Moody's Analytics will allow us to provide and unparalleled end-to-end solution with a rich blend of domain knowledge, tools and execution capabilities spanning Finance, Actuarial and Operations to help insurers meet the new International Financial Reporting Standard for Insurance contracts (IFRS 17) globally.
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