The 2024 Asian Actuarial Conference (AAC), organized by the Actuarial Society of Hong Kong (ASHK), commenced today at the Ocean Park Marriott Hotel in Hong Kong. Themed “Exploring the Future of Insurance and Beyond: Innovation, International Hubs, and Hong Kong,” this prestigious three-day event has attracted over 1,000 participants, including internationally renowned experts, actuaries, and thought leaders from Asia and beyond.
Opening Ceremony and Key Remarks
The opening ceremony was officiated by Mr. Joseph Chan, Under Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region (HKSAR). He was joined by Timothy Wong, President of ASHK; Stephen Yiu, Chairman of the Insurance Authority; and Daisy Ning, Head of Life & Health APAC ex China of Swiss Re.
Timothy Wong expressed the significance of this year’s AAC, remarking, "This event is a vital platform for actuaries and insurers to gain valuable insights into the evolving landscape of the profession. As the market continues to change rapidly, it is crucial for actuaries to stay updated on industry developments to unlock the vast potential of actuarial science."
Innovation and Opportunities in the Greater Bay Area
With the Greater Bay Area emerging as a critical hub for business and finance, this year’s AAC emphasizes opportunities for actuaries to contribute to the region’s growing financial markets. The demand for financial planning and risk management is increasing as companies face more complex challenges. Actuaries, equipped with analytical and business expertise, are uniquely positioned to help businesses manage risks and assess future uncertainties.
Actuaries' Role in Hong Kong's Growth
Hong Kong’s new Risk-Based Capital (RBC) regime, introduced in July 2023, along with the recent 2024 Policy Address, outlines the government’s commitment to developing the insurance sector, attracting large enterprises, and positioning Hong Kong as a global risk management hub. Actuaries are expected to play a pivotal role in ensuring the sustainable growth of the city’s insurance industry.
ASHK's Commitment to Nurturing Talent
With policies and regulations increasingly favoring the actuarial profession, Simon Lam, Co-Chairperson of the AAC 2024 Organizing Committee, emphasized ASHK’s commitment to nurturing talent. ASHK currently has 1,293 members and is well-positioned to meet the rising demand for actuarial expertise in Hong Kong and beyond.
Upcoming Sessions at AAC 2024
Days two and three of the conference will delve into key themes such as:
- Growth in emerging Asia
- Hong Kong as an international hub
- Regulation
- Artificial intelligence (AI)
- Blockchain
- ESG (Environmental, Social, and Governance) principles
The event will conclude with excursions to notable sites like Hong Kong Science Park, Cyberport, and the Greater Bay Area, offering delegates a chance to explore Hong Kong’s innovation landscape.
About the Actuarial Society of Hong Kong (ASHK)
Formed in 1968, the Actuarial Society of Hong Kong has grown into the leading professional body for actuaries in the region. Governed by an elected council, ASHK plays a key role in setting professional standards and ensuring the growth of the actuarial profession in Hong Kong.