We urge the government to provide further support to the insurance industry

2020.04.16

DAB Legislative Councillor Holden CHOW and DAB Professional Affairs Committee Chair Christopher WONG, Vice chair Alvin CHIU and DAB Insurance Panel convener Ray CHING conducted a video conference with the Under Secretary for Financial Services and the Treasury (FSTB) Joseph Chan to express disappointment with the second phase of the Anti-Epidemic Fund because it still does not cover insurance practitioners. They also expressed the adverse effect that the COVID-19 is wreaking on the insurance industry.

They proposed several main points during the meeting:

First, Ray CHING suggested the government to provide financial support for small and medium sized licensed insurance broker companies and insurance agencies within certain parameters (below 10 or 50 staff). Alvin CHIU also urged the government to provide direct case subsidies for licensed insurance practitioners to navigate this difficult time.

Second, Holden CHOW and Christopher WONG urged the government to expand the scopes of remote processing arrangement to include general insurance such as fire, home care and employee insurance so as to enable insurance practitioners to keep their businesses.

Third, Holden CHOW and Alvin CHIU urge the government to speed up the funding of SMEs to upgrade their computer systems in order to comply with the remote processing business mode.

Media Inquiries: Legislative Councilor Holden Chow (3703 9870)

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