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Insurance Authority welcomes insurance-related initiatives in the 2022 Policy Address

19 October 2022

The Insurance Authority (IA) welcomes the announcement of the 2022 Policy Address by the Chief Executive and strongly supports the measures therein facilitating the development of Hong Kong’s insurance industry, strengthening its role as a global risk management centre and regional insurance and reinsurance hub.

“The Policy Address is fully aligned with the National 14th Five Year Plan and the strategy of domestic and international dual circulation, leveraging Hong Kong’s crucial function as a super-connector,” said Mr Stephen Yiu, Chairman of the IA. “We welcome the Government’s formulation of policies to introduce proactive measures to attract overseas talent to Hong Kong, injecting impetus into our economic recovery.”

The IA is actively liaising with Mainland regulators and other relevant authorities on a number of market development initiatives highlighted in the Policy Address, including the setting up of after-sales service centres and the introduction of innovative cross-border motor insurance products, to benefit Mainland and Hong Kong residents who are frequent travelers within the Greater Bay Area as soon as possible. Besides, since the implementation of the regulatory regime for Special Purpose Insurers last year, two catastrophe bonds have been issued in Hong Kong. The IA will step up its promotional efforts to build a stable and vibrant ecosystem for insurance-linked securities. As for the Risk-based Capital Regime, the law drafting has entered the final stage with target implementation in 2024. Also, the IA is working closely with the Government to launch a public consultation within this year on the proposal of establishing a Policy holders’ Protection Scheme.

“The IA will, as always, work together with the industry to facilitate the sustainable development of Hong Kong’s insurance market, enhance its global competitiveness and strive to provide better protection to policy holders,” said Mr Yiu.