When Philip Bundy packed his life into boxes, he expected the transition from the UK to Hong Kong would be a difficult one, but he was quickly taken in by the variety and vibrancy of the place. He didn't expect there to be quite so much rain though
A home away from home
When Philip Bundy packed his life into boxes, he expected the transition from the UK to Hong Kong would be a difficult one, but he was quickly taken in by the variety and vibrancy of the place. He didn't expect there to be quite so much rain though
How did you find the role you are doing?
I was lucky to be able to stay with my existing employer. Swiss Re actively encourages staff to work together across territories and it seems a number of UK actuaries have made a similar move, so I had an existing network, which helped greatly. I had previously worked for my current boss when he was in the UK!
What attracted you to the particular country that you are working in?
Asia was a very attractive proposition in general. The pace of growth in the region and the opportunities that presents is very exciting. That coupled with the positive mind- set and can-do attitude of the people here makes a compelling case for making the move to Asia, particularly when contrasted with the challenging environment in the west.
With its strong historic links to the UK, Hong Kong however really lives up to the cliché of east-meets-west and so offers ex-pats a comfortable entry into Asia, with English widely spoken and even little things like familiar brands and products available on the high street. Despite this, the local culture remains really strong.
What were the main challenges you faced when moving overseas?
There's so much to do! Packing your life up into boxes, moving abroad and leaping into the unknown is daunting, and it's inevitable things will be overlooked, but overall the move was easier than I anticipated - logistically - but also culturally and personally. Hong Kong has been very welcoming.
What are the main differences you have found to working overseas compared to working in the actuarial profession in the UK?
As a rule, the people in Asia work hard. I have a regional role, so have the opportunity to interact with colleagues and clients from a number of countries, and a common theme is that the hours worked are longer than in the UK.
The other striking difference I've seen is the fast pace of the insurance market here. Innovation is prized and product design is evolving much more quickly than I ever observed in the UK protection market. Couple this with the relative lack of data and it can be a real test of actuarial judgement, commercial sense and risk management.
What is the most topical industry issue facing actuaries in the country where you work?
There are many challenges, but a key focus for Swiss Re has been the impact of the aging society in Asia (Hong Kong and Japanese citizens have perhaps the longest average life expectancies in the world). Providing solutions to address the growing health and medical burden facing individuals as they age is a challenge insurers and governments are working hard to solve here.
What is the best thing about where you work?
Hong Kong has something for everybody. The city is as vibrant as any I have been to with an incredible array of restaurants and shopping. Despite it being a dense metropolis, it's small enough that it's only half an hour walk to reach the mountains and escape the city, or a quick boat ride to a secluded island and quiet beach. Also, the travel opportunities are fantastic. Hong Kong is very well connected and can be the launch pad for all sorts of interesting trips around the region.
And the worst?
It's very crowded in the city and can be really hot and humid at times. You quickly learn ways to deal with this, finding ways to avoid the crowds and planning journeys through air-conditioned routes!
Give an unusual fact about the country in which you work.
It rains a lot here. Average annual rainfall in Hong Kong is more than three times that in London! Not quite what I expected when I left the UK
Do you have any advice to others looking for overseas work?
Just give it a try. Working overseas is a fantastic life opportunity and a real privilege. Approach it with an open mind and be willing to try new things to get the most out of the experience.
