Markets in the Mainland and Hong Kong will be brought closer to transform the SAR into a ’global risk management and insurance hub’
The Hong Kong Government has issued a development roadmap for the insurance sector, including targeted policy measures to consolidate the special administrative region’s status as a global risk management centre and insurance hub.
In a statement, the Government said it would work closely with the Insurance Authority (IA) and industry stakeholders to realise the roadmap. The announcement was made at the Asian Insurance Forum, an annual flagship event organised by the IA.
Its aim is ”to sharpen Hong Kong’s competitive edge as a global risk management centre and boost the synergies between different financial sectors”.
The government is exploring ways of connecting the insurance markets in the Mainland and Hong Kong. Hong Kong’s risk-based capital regime is on track for implementation in 2024.
It is hoped that recent measures introduced to support issuance of ILS and granting of tax concessions for all general reinsurance, selected general insurers and brokers will reinvigorate the ecosystem to transform Hong Kong into a insurance hub.
The Financial Secretary, Paul Chan, said, “As market participants are reassessing and reprioritising risks in light of the pandemic and geopolitical tensions, it is an opportune time for the Government to announce this roadmap outlining a set of visions and direction for development of our insurance sector by riding on the ‘Dual Circulation’ strategy and integrating into the national development arena.”
The secretary for Financial Services and the Treasury, Christopher Hui, added, “I am confident that with concerted efforts among the Government, the IA and industry stakeholders, we can propel our insurance sector to new heights.”