EAIC puts women’s voices front and centre at Hong Kong event

The 30th East Asian Insurance Congress (EAIC) is setting a powerful precedent this year by ensuring that female voices are not just included but are central to the discussions.

“Every panel will aim to have a woman,” said Selina Lau, the chief executive of the Hong Kong Federation of Insurers (HKFI) and driving force behind the EAIC conference, which returns to Hong Kong for a third time.

Speaking exclusively with EAIC Today from her high-rise office in Hong Kong, Lau’s packed schedule does not diminish her enthusiasm for the event. She discussed a wide range of topics during the interview with passion. These ranged from diversity and sustainability to climate change to Hong Kong’s role as a regional hub for re/insurance and insurance-linked securities (ILS) to perhaps more “uncomfortable” issues such as talent shortages and Asia’s ageing population—subjects, as she put it, that “not many people want to talk about”.

“The top guys are always guys,” Lau remarked, underscoring the need for greater gender diversity in the insurance industry. “Every time I saw an all-male panel at other events, I felt sorry for them. We need equal representation from women in every discussion. I want to make sure that it’s not only the men’s voices we hear at EAIC,” she said, reflecting her desire for a more balanced representation in an industry traditionally dominated by men.

The Matrix: breaking barriers

Lau’s vision extends beyond gender equality. “I don’t think there should be competition between female leaders,” she added. “We should be collaborating and helping each other. Asia is a huge market, and we can leverage each other’s strengths while learning from each other’s weaknesses,” she said, advocating greater solidarity among women in leadership roles.

The conference agenda tackles some of the most pressing issues facing the global insurance industry today, with sustainability and climate change taking centre-stage. Lau described how the conference has curated special panels featuring top industry minds. “We’ve set up a panel on climate change with Swiss Re, and the Secretary of the Hong Kong government will be on that panel,” she said.

“It’s no longer just about business,” Lau emphasised. “It’s about addressing common concerns and exploring what we can do together.” With its 62-year legacy, the EAIC serves as a platform for industry leaders to unite and confront important global issues. Lau highlighted Hong Kong’s unique role as a connector, bridging China with the rest of the world, and underscored the city’s potential as a hub for driving meaningful discussions.

In line with making the conference engaging and accessible, Lau and her team have devised a creative, immersive experience for attendees. “The programme is embedded in movie themes,” Lau said, explaining her inspiration from popular films such as Back to the Future, The Matrix, and Fast and Furious. “I wanted something light-hearted but still meaningful,” she said, integrating a sense of fun with serious discussions on climate change, sustainability, and industry diversity.

Mission Impossible

Discussions will be held around addressing the shortage of talent in the insurance sector, an issue, Lau said, that is pivotal for Hong Kong. “The current outflow of talent is very serious in Hong Kong,” she explained. “It’s hard to groom talent, and emerging markets in the region are facing similar challenges.”

Customer-centricity remains a vital focus. As the spokesperson for the HKFI, Lau is interested in how the public perceives the insurance industry. “Many people still see insurance as a scam or think insurers are just making money,” she said candidly. Lau hoped discussions around customer experience and trust-building would shift this perception.

“We care about the customer journey, and it’s time to show that,” she emphasised, stressing the need for the industry to better engage with and support its clients.

One of the most challenging discussions centres around East Asia’s ageing population, especially in Hong Kong, Japan, and China. Lau has dubbed this session “Mission Impossible” because of its complexity. “I was surprised that no-one wanted to talk about it,” she admitted, pointing out that within a decade, one-third of Hong Kong’s population will be over 65. “It’s not just an insurance problem; it’s everyone’s problem,” she added.

Hong Kong as a hub

Lau highlighted the “burgeoning Asian insurance market” and the importance of Hong Kong’s role as a reinsurance and ILS hub. “With the World Bank’s second cat bond issued earlier this year, ILS continues to see very positive growth in Hong Kong, alongside other means of alternative risk transfer,” Lau explained.

“Hong Kong is like a super connector. We’re good at connecting dots.”

She credited the local government for its proactive approach in strengthening Hong Kong’s position in this space. “We have to thank the Hong Kong government and the Hong Kong Insurance Authority. They are listening to us and driving important changes,” Lau said.

Hong Kong is well-known as a life insurance hub but, she acknowledged, the city still has room to grow in the property and casualty (P&C) sector, where many companies are now headquartered in Singapore.

“Having the World Bank issue cat bonds in Hong Kong means a lot for us. It helps reinforce our image as an international insurance hub,” she continued.

Lau emphasised the city’s role as a global connector. “Hong Kong is like a super connector. We’re good at connecting dots, and this helps us link with the rest of the world,” she said, underscoring the significance of the cat bond in bolstering the city’s reputation and reach.

This idea of connecting sectors extends beyond reinsurance and ILS to bridging gaps in traditionally separate sectors, such as marine. “Marine insurance is usually seen as a distinct sector, but I want to bring it into this discussion,” Lau said, explaining her efforts to integrate it into the EAIC discussions. “We can connect different people and ideas, and that’s one thing Hong Kong does very well,” she said.

Despite the complexities of organising such a large-scale event, Lau remains optimistic and energised by the response. More than 800 delegates, she said at the time, including many from mainland China, had already confirmed their attendance. Lau hoped that the EAIC would provide a space for meaningful connections and inspire participants to tackle the challenges ahead.

“There shouldn’t be any competition between female leaders.”

Beyond the main agenda, Lau highlighted the rise of insurtech in the industry. “We are seeing a lot of innovation in artificial intelligence, blockchain, and big data,” she said, discussing how these technologies are transforming the insurance landscape. From underwriting to claims handling and product design, insurtech has made the industry more efficient and responsive to customer needs, she said.

Lau cited Hong Kong’s use of blockchain technology for verifying motor insurance policies as an example of the city’s innovative strides. “It’s something that can be adopted anywhere,” she noted.

Looking forward, Lau believes that climate change and sustainability will remain at the core of the industry’s evolution. The EAIC had made significant efforts to help smaller insurance markets transition towards more climate-conscious business models. “We launched a climate charter in February to help insurers prepare for the future,” she explained, noting that 80 percent of the market had already signed up.

“We can’t force everyone to comply overnight, but it’s a step in the right direction.”

Lau ended the conversation expressing her hopes for the EAIC 2024. “We’re not just here for business. We’re here to meet old friends, make new connections, and have some fun while discussing important issues,” she said. “Hong Kong is ready to host the world again, and I can’t wait for people to feel the energy of this city.”

For more news from the East Asian Insurance Congress conference (EAIC) click here.

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