Hong Kong insurers are the latest to voice their concerns about the mounting pressure from talent outflows, with an industry group survey painting a pessimistic outlook.
30 percent of international insurers are considering relocating their global and regional teams from the city, according to a recent survey by the Hong Kong Federation of Insurers (HKFI), in yet another sign of accelerating brain drain.
80 percent of the overall respondents said they are experiencing high staff turnover in the actuary, IT, finance and claims departments.
The HKFI surveyed 33 insurers last month – including 15 international players – with a combined market share of 80 percent, though the report did not disclose any names.
Hub Status Risk
According to HKFI chairman Edward Moncreiffe, human capital is core to the insurance industry and Hong Kong’s hub status could be impacted by the talent outflows to other cities.
«Hong Kong insurers are losing staff at a rate much faster than the rate of recruiting replacements,» said Moncreiffe. «The emigration and brain drain risks are now having a business impact on many insurance companies.»
HKFI plans to flag the issue with Hong Kong’s Insurance Authority later this week and give recommend the relaxation of quarantine requirements for returning travelers including its duration from 14 to seven days and location of choice to home instead of at hotels.
