Exciting business opportunities ahead for the insurance sector in Hong Kong
29 September 2021
Echoing observations made in the “Report on Hong Kong’s Business Environment: A Place with Unique Advantages and Unlimited Opportunities”, the Insurance Authority (IA) is pleased to note that the local market has displayed some promising signs of recovery after implementation of the Hong Kong National Security Law which put widespread social disturbances to a rest.
Despite lingering uncertainties caused by COVID-19, the new office premiums of long term business rose year-on-year by 22.9% to $80.5 billion in the first half of 20211. This is a remarkable achievement since business derived from Mainland visitors is still in doldrums, exemplifying the resilience and resourcefulness of industry stakeholders. The decision of a major insurance group to raise capital in Hong Kong and final preparations for the inaugural issuance of insurance-linked securities by a leading state-owned reinsurer are also clear votes of confidence on our attractiveness as an international financial centre and a premier base for regional headquarters.
Speaking on unlimited opportunities, Dr Moses Cheng, Chairman of the IA, said, “The National 14th Five-Year Plan has positioned Hong Kong as a global risk management centre serving both external and internal clients under the ‘dual circulation’ economic strategy, offering dynamic and exciting prospects for our insurance industry.”
“Building on this premise, the IA has set itself the goal of building an ecosystem to take full advantage of our forte as a super connector of international trade and investment activities, while nurturing domestic demands by participating in development of the Guangdong-Hong Kong-Macao Greater Bay Area,” he added.
The IA will continue to work closely with the Government based on our inherent strengths such as free flow of information and talents, a vibrant capital market, the common law system, world-class infrastructure facilities and a deep pool of sophisticated professional service providers to open up new frontiers of growth for Hong Kong.
Ends
Note:
1 Excluding Retirement Scheme business.