Hong Kong can bolster its claim of being the premier international insurance hub by “limiting bureaucracy” and providing a stable environment, Chubb CEO and chairman Evan Greenberg said in an interview.
During a recent visit to the city-state, Greenberg said that “business is attracted to an environment of certainty,” and if Hong Kong can offer more of it plus “predictability and transparency,” companies will have more confidence and increase their presence accordingly.
According to an exclusive from the SCMP, Greenberg, a 40-year veteran in the Asian insurance industry, said that the city has already attracted some of the world’s top insurers, Chubb included. That said, the market potential of the Greater Bay Area (GBA) can and will make Hong Kong much more attractive.
“The more the government makes an effort to limit bureaucracy and take down the financial regulatory borders between Hong Kong and Guangdong, the faster they will have the opportunity to achieve the vision of the Greater Bay Area,” Greenberg said. “Hong Kong has the intention, but you also need Beijing and local Guangdong regulators’ support to make that happen.”
Over the last two years, Chubb has grown its presence in China, primarily through its 83.2% stake in Huatai Insurance Group. Greenberg added that the insurer will also continue to grow in the GBA through its Hong Kong life and general insurance lines. In total, the Asian market now accounts for 20% of Chubb’s revenue.
“My optimism [is based on the belief that] Asia and North America are the most dynamic regions today and they will remain so in the future in terms of overall wealth creation,” Greenberg said.
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