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
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