The California Asian Insurance & Financial Professional Association (CAIFPA) held its 36th annual meeting at the Sheraton LA San Gabriel on September 21st. The event focused on topics such as “Private Placement Life Insurance,” “Financial Opportunities for Domestic and Foreign Nationals,” and “Long-term Guaranteed Annuities and Retirement Financial Opportunities,” attracting over 400 insurance industry professionals.
In the face of rising homeowners’ insurance costs in California, State Treasurer Ma Shiyun has announced that more insurance companies are expected to return to the state next year. This move holds the potential to address the current issue of expensive insurance prices and even some homes being deemed “uninsurable.”
Ma Shiyun acknowledged the challenges many Californians are facing with excessively high insurance costs and the lack of companies willing to provide coverage. Nevertheless, she brought encouraging news that many insurance companies that had left California might be returning early next year. This would mean more choices for the public when purchasing insurance for their homes or vehicles, leading to increased competition in the insurance industry and potentially more reasonable prices.
President Derek Ng stated that the theme of the annual meeting was “Artificial Intelligence Shaping our Future Together,” with the aim of helping more individuals achieve mutual success. Established in 1986, CAIFPA serves as a platform for insurance and financial service professionals of Asian American and Pacific Islander descent in the Greater Los Angeles area.
CAIFPA is a dynamic organization where members actively contribute their expertise and viewpoints, also providing scholarships for students. Derek Ng mentioned that CAIFPA engages in exchanges with industry professionals worldwide; this year, he led a delegation to visit the “Greater Bay Area” in mainland China and participated in the Hong Kong Asian Financial Forum.
The keynote speaker at the dinner, Dr. Shen Jinyuan from Allied Pacific IPA, highlighted the application of new technologies in surgeries and outpatient care. The medical network has enhanced medical resources in brain, heart, and eye care, offering patients more comprehensive services. Allied Pacific IPA plans to build state-of-the-art Super Centers in the San Gabriel Valley area to reduce patients’ waiting times for appointments. It is estimated that patients will be able to see a doctor within half an hour, eliminating the need for extensive waiting periods.