Hong Kong unveils development roadmap for insurance sector

Hong Kong unveils development roadmap for insurance sector | Insurance Business Asia

Hong Kong unveils development roadmap for insurance sector

The government of Hong Kong Special Administrative Region (HKSAR) has announced a development roadmap for the insurance sector, which seeks to strengthen the city’s role as a global risk management centre and insurance hub.

The roadmap was delivered by Christopher Hui, secretary for financial services and the treasury of HKSAR, and Clement Cheung, chief executive officer of the Insurance Authority (IA), at the Asian Insurance Forum 2022, the IA’s annual flagship event.

Around 1,500 participants joined the forum, which examines subjects relevant to the development of the insurance industry, which will impact Hong Kong’s status as an international financial centre.

HKSAR Chief Executive John Lee (pictured above), gave a keynote speech that stressed the importance of growing the insurance industry, as Hong Kong seeks to harness its advantages under the “One Country, Two Systems” principle.

“Dovetailing with national strategies including the 14th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area development, and the Belt and Road Initiative, we strive to seize opportunities for growth, while also serving people's needs and maintaining market stability,” Lee said. “The insurance industry, being an integral and substantial part of our economy, will continue to play an important role in this new chapter for Hong Kong.”

Manulife, a major insurance player in Hong Kong and Macao, welcomed the industry roadmap.

“As the longest continuously operating life insurer in the local market, we welcome the Hong Kong government’s vision in delivering this roadmap, which will strengthen Hong Kong’s competitive advantage as a global centre for the insurance industry,” said Damien Green, president and CEO of Manulife Asia. “Manulife will continue to support the development of the insurance industry in Hong Kong and the broader Greater Bay Area, and we look forward to meeting demand from Mainland Chinese visitors as they return to the city, in addition to our loyal Hong Kong customer base. We are also maintaining close contacts with the industry and regulators to facilitate the establishment of insurance aftersales service centres in places such as Nansha and Qianhai in the near future.”