Insurance Authority publishes Annual Report 2017-18

28 November 2018
 

The Insurance Authority (IA) today (28 November 2018) published its Annual Report 2017-18, which outlines its major work during the year and initiatives to grow the insurance industry.

 “As both a regulator and market facilitator, the IA attaches equal importance to the regulation and supervision of the insurance industry, and the creation of a supportive environment for the healthy and sustainable development of the Hong Kong insurance market,” said Dr Moses Cheng, Chairman of the IA. 

“Hong Kong is a mature insurance market, so to grow further, it needs fresh opportunities. The Belt and Road Initiative (BRI) and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development provide just the kinds of opportunities for us to go beyond Hong Kong and strengthen the city’s position as a global risk management centre and regional insurance hub,” he said.

In this regard, the IA will soon launch the Belt and Road Insurance Exchange Facilitation (BRIEF) platform to pool key stakeholders in order to unleash synergies to exploit prospects arising from the BRI. The IA is also pursuing a proposal for Hong Kong insurers to set up service centres in the GBA to upgrade the customer experience in the region. 

The IA’s other key initiatives of the year included developing a host of new rules, codes and guidelines for the regulation of insurance intermediaires under the statutory licensing regime to be introduced in mid-2019, launching Insurtech Sandbox and Fast Track to promote the adoption of Insurtech, and preparing for the implementation of the Risk-based Capital Regime and the Policy Holders’ Protection Scheme.

The report also reviews the industry’s performance with key statistics and highlights the IA’s efforts to build up its internal capacity and enhance staff development.

The IA Annual Report 2017-18 is available on the IA website.

Ends