Taiwan to sponsor annual convention of APFinSA in 2007

Taipei, Jan. 17, 2005 (CENS)--After edging out Hong Kong in a harsh competition, the Insurance and Financial Practitioners Association of Taiwan (IFPAtw) has won the right to sponsor the ninth convention of the Asia Pacific Financial Services Association (APFinSA) to be held in 2007 in Taiwan.

IFPAtw, established in May 1994, noted the convention would attract over 15,000 insurance agents to come to Taiwan, which will make it become the largest convention ever held in Taiwan.

To help IFPAtw score a success at the convention, Wei Pao-sheng, director of the Insurance Bureau under the Cabinet-level Financial Supervisory Commission, has instructed the Life Insurance Association of the Republic of China, Taiwan's largest insurance association, to offer necessary assistance.

Tsai Chin-cheng, chairman of IFPAtw, said Taiwan ranked third in the Asian financial market in terms of service output, only behind Japan and mainland. But Taiwan's financial-related workers have smaller chance to access the abundant experience of foreign counterparts.

According to IFPAtw secretary general Cheng Chan-fa, the number of Taiwan's insurance salesperson amounts to as much as 330,000. But he warned the number will decline to less than 100,000 because of the increased competition of banks' financial planners, counter staff, insurance agents and brokers which have snowballed in the wake of the establishment of financial holding companies.

Based on foreign experience, Cheng said the number of domestic insurance salesperson would drop to only 30,000 sometime in the future. He called for domestic insurance salesperson to transform themselves into financial planners and enhance competitiveness.

At present APFinSA is comprised of 10 country members, including Australia, New Zealand, Hong Kong, India, Japan, Macao, Malaysia, Singapore, Thailand and Taiwan. The APFinSA convention is held at an interval of two years, focusing on pragmatic discussions and enhancing the essence of Asia-Pacific insurance salesperson through lectures offering and experience interchange.

Cheng said the eighth session of the APFinSA would be held in Malaysia in March. So far only several hundreds of domestic insurance salesperson have registered with the organizer to take part in the convention, with the number of the mainland came to 3,000-strong.

At this moment, the IFPAtw has yet to determine which city will host the ninth APFinSA convention. Cheng said any interested county and city heads can feel free to apply for hosting the large-sized convention which will help the hosting county and city secure international interchange and allure a huge pool of tourists.