• Teaching & Learning

    • Dr FUNG Wing Hong, Derrick （馮穎康博士）
    BSc (HKU)
    MSc (HKUST)
    PhD (CUHK)
    FSA (Society of Actuaries)
    CERA (Society of Actuaries)

    Associate Professor
    Programme Director of MSc-INS Programme
    Department of Mathematics, Statistics and Insurance
    Associate Dean (Graduate Studies) of School of Decision Sciences

    電話 : (852) 3963 5229
    電郵 :
    derrickfung@hsu.edu.hk


    Dr Fung is Associate Professor of the Department of Mathematics, Statistics and Insurance at The Hang Seng University of Hong Kong. He obtained his BSc in Actuarial Science from the University of Hong Kong, MSc in Financial Mathematics from the Hong Kong University of Science and Technology, and PhD in Finance from the Chinese University of Hong Kong. He is also a Fellow of the Society of Actuaries (FSA) and Chartered Enterprise Risk Analyst (CERA). Before joining HSUHK, he was a Manager at the Insurance Authority and has eight years of industry experience. He is familiar with insurance regulations, life insurance supervision, compliance, and risk-based capital.


    Research InterestsService and Professional ExperiencePublicationsResearch GrantsAwards
    TopResearch Interests
    • Insurance regulation
    • Risk management
    • Corporate finance for insurers
    TopService and Professional Experience

    ..........Professional Experience..........

    1. Non-Executive Director, HKMC Annuity Limited
    2. Technical Expert, New Industrialisation and Technology Training Programme, Innovation and Technology Commission
    3. Executive Vice President, Secretary General, and Board Member, Guangdong-Hong Kong-Macao Greater Bay Area Actuarial and Insurance Industry College

    ..........Professional Qualifications..........

    1. Fellow of the Society of Actuaries (FSA)
    2. Chartered Enterprise Risk Analyst (CERA)
    TopPublications

    ..........Journal Articles..........

    1. Brockett, P., Fung, D. W. H., Wei, P., and Yang, C. C. 2025. Health Insurance Efficiency: The Impacts of COVID-19, Market Segments, and Operational Strategies. North American Actuarial Journal 29(4), 987-1008.
    2. Fung, D. W. H., Lee, W. Y., and Yang, C. C. 2025. Surviving the Storm: Evaluating the Role of Enterprise Risk Management in Property and Liability Insurers’ Performance During the COVID-19 Pandemic. Journal of Corporate Finance 91, Article 102751.
    3. Fung, D. W. H., Lee, W. Y., Yang, C. C., and Yeh, J. J. H. 2024. Risk Taking, Performance, and Resilience to the COVID-19 Pandemic: Evidence from Public Property-Casualty Insurers. International Review of Financial Analysis 91, Article 102942.
    4. Fung, D. W. H., Yang, C. C., and Yeh, J. J. H. 2024. The Market Price to Embedded Value Gap: An Analysis of European Life Insurers. Review of Quantitative Finance and Accounting 62(1), 69-96.
    5. Lee, W. Y., and Fung, D. W. H. 2024. Energy Economics: The Insurance Effect of Distributed Energy Resources under System Reliability. International Journal of Sustainable Development and Planning 19(2), 761-766.
    6. Lee, W. Y., and Fung, D. W. H. 2023. Current Deficiencies and Reinforcement of Institutional Pillars for Reform in the Green Insurance Market: A Systematic Review. European Journal of Sustainable Development Research 7(4), Article 0235.
    7. Fung, D. W. H., Wei, P., and Yang, C. C. 2023. State Subsidized Reinsurance Programs: Impacts on Efficiency, Premiums, and Expenses of the U.S. Health Insurance Markets. European Journal of Operational Research 306(2), 941-954.
    8. Alzubi, J., Fung, D. W. H., Yang, C. C., and Yeh, J. J. H. 2022. Improving Health Insurance Markets: Cost Efficiency, Implementation, and Financing of Expanding Association Health Plans. Review of Quantitative Finance and Accounting 59(2), 671-694.
    9. Frederick, J. D., Fung, D. W. H., Yang, C. C., and Yeh, J. J. H. 2022. Individual Health Insurance Reforms in the U.S.: Expanding Interstate Markets, Medicare for All, or Medicaid for All? European Journal of Operational Research 297(2), 753-765.
    10. Lee, W. Y., and Fung, D. W. H. 2021. Optimal Effort on Self-Insurance-Cum-Protection: A New Analysis Using Yaari's Dual Theory. Mathematics 9(22), Article 2853.
    11. Fung, D. W. H., Jou, D., Shao, A. J., and Yeh, J. J. H. 2021. The Informativeness of Embedded Value Reporting to Stock Price. Accounting and Finance 61(4), 5341-5376.
    12. Wu, Q., Tang, M. L., Fung, D. W. H., Tian, G. L. 2020. Poisson Item Count Techniques with Noncompliance. Statistics in Medicine 39(29), 4480-4498.
    13. Fung, D. W. H., Lee, W. Y., Yeh, J. J. H., and Yuen, F. L. 2020. Friend or Foe: The Divergent Effects of FinTech on Financial Stability. Emerging Markets Review 45, Article 100727.
    14. Yuen, F. L., Lee, W. Y., and Fung, D. W. H. 2020. A Cyclic Approach on Classical Ruin Model. Insurance: Mathematics and Economics 91, 104-110.
    15. Fung, D. W. H., Jou, D., Shao, A. J., and Yeh, J. J. H. 2018. The Implications of the China Risk-Oriented Solvency System on the Life Insurance Market. The Geneva Papers on Risk and Insurance – Issues and Practice 43(4), 615-632.
    16. Fung, D. W. H., and Yeh, J. J. H. 2018. Imperative Virtue or Inevitable Evil: The Effects of Directors’ and Officers’ Insurance on Firm Value. Risk Management and Insurance Review 21(2), 243-288.
    17. Chow, Y. F., Fung, D. W. H., and Yeh, J. J. H. CDS Spreads, Systemic Risk, and Global Systemically Important Insurers Designations. Journal of Insurance Regulation, accepted.
    18. Fung, D. W. H., and Yeh, J. J. H., 2018. Is the New Regulation Successful in Reducing Systemic Risk of Global Systemically Important Insurers? Empirical Evidence from Insurers around the Globe. Journal of Insurance Issues 41(1), 57-110.
    19. Fung, D. W. H., Jou, D., Shao, A. J., and Yeh, J. J. H., 2017. The China Risk-Oriented Solvency System: A Comparative Assessment with Other Risk-Based Supervisory Frameworks. Geneva Papers on Risk and Insurance: Issues and Practice 43(1), 16-36.
     

    ..........Industry Reports..........

    1. Fung, D. W. H. 2024. Does Enterprise Risk Management Enhance Insurers’ Resilience? Empirical Evidence from the COVID-19 Pandemic Period. The Society of Actuaries Research Institute.
     

    ..........Conference Proceedings..........

    1. Fung, D. W. H., Yang, C. C., and Yeh, J. J. H. Market-Consistent or Market Sentiment: An Examination of the Informativeness of Embedded Value Accounting, Conference Proceedings of CICIRM2020/2021.
    2. Fung, D. W. H., Lee, W. Y., Yeh, J. J. H., and Yuen, F. L. Does the Marriage of Finance and Technology Disrupt Financial Stability? Empirical Evidence from the Introduction of FinTech Regulatory Sandboxes, Conference Proceedings of CICIRM2019.

    ..........Teaching Cases..........

    1. Fung, D. W. H. 2023. Identifying Poorly Performing Listed Firms Using Data Analytics. International Journal of Engineering Business Management 15, DOI: 10.1177/18479790231165603.
    TopResearch Grants
    1. (UGC/FDS14/H01/24) HK$897,704. “Healthcare in a Dual-Track System: Hong Kong Citizens’ Demands and Preferences for the Voluntary Health Insurance Scheme,” funded by the University Grants Committee (UGC), January 2025 – December 2027. (Principal Investigator)
    2. (Emerging Issues Research Pool) US$19,600. “Does Enterprise Risk Management Enhance Insurers’ Resilience? Empirical Evidence from the COVID-19 Pandemic Period,” funded by the Society of Actuaries, May 2023 – December 2024. (Principal Investigator)
    3. (Research Matching Grant Scheme) HK$4,236,970. “Blockchain-Based Insurance and Financial Products Recommendation: Affordances and Actualisations,” funded by the University Grants Committee (UGC), March 2022 – February 2024. (Co-Investigator)
    TopAwards
    1. Research Excellence Award, School of Decision Sciences, The Hang Seng University of Hong Kong, 2019–2021
    2. Teaching Excellence Award, School of Decision Sciences, The Hang Seng University of Hong Kong, 2019–2022
    3. Best Paper Award, The American Risk and Insurance Association, 2019
    4. Best Paper Award, The Actuarial Society of Hong Kong, 2006