, Hong Kong

Hong Kong insurance regulator faces staff shortage: report

The regulator said it is understaffed by around 10%.

The Hong Kong Insurance Authority (HKIA) revealed that it is facing a shortage of personnel, with the regulator understaffed by around 10%, a report by the South China Morning post said.

HKIA chairman Stephen Yiu Kin-wah this was the result of losing talent to private insurers. The insurance watchdog currently has 300 staff members, with 30 vacancies to fill. In 2021, it lost 16% of its staff compared to 11% in 2020.

Yie said that the current shortage of talents in the industry is the result of emigration out of the city, as talents seek jobs elsewhere with lighter travel restrictions and quarantine rules.

Yiu said many private insurance companies hire staff from the authority to fill vacancies. The industry’s talent shortage is a result of emigration out of the city, according to Yiu, and recruiting new hires has become more difficult because of travel restrictions and quarantine rules.

The HKIA said it has lost most of its staff among actuaries and in its enforcement division

You may also like:

Prudential hires ex-Citi banker as new group chief

Life insurance industry remains muted amids pandemic challenges in China

Indonesia insures more than 2,000 gov’t buildings

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Insurers should keep an eye on liquidity risks: MAS 
The financial watchdog warns that insurers should be wary of the effects of economic instability.
Kyobo Life CEO awarded the 2023 Insurance Hall of Fame
Kyobo Life chairman and CEO Dr. Shin is the award’s first legacy inductee.
Surer partners with Zurich to provide Marine Cargo product
The partnership provides quicker and easier access to marine cargo requirements.