Hong Kong insurance industry struggling to recruit

Hong Kong’s insurance industry is suffering from a serious shortage of specialists in risk management and technology.

Consequently, Hong Kong is struggling to compete with financial centres such as Singapore and London for insurance business, and development of the sector is being slowed down.

“It is difficult to attract good students to study risk management and other technological insurance subjects at the universities,” said Bernard Chan, convenor of Hong Kong’s Executive Council and president of listed insurer, Asia Financial Holdings, in an interview with South China Morning Post.

A major reason is that potential talent has the incorrect perception that it is difficult to find good jobs in insurance and risk management.

This is inaccurate, says Chan, as there are many different professionals now needed in the insurance industry.

The insurance sector employs nearly 90,000 people in Hong Kong and is undergoing a transformation as its operations move to online sales platforms, and adapt to opportunities created by artificial intelligence and big data analysis.