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Insurance Authority publishes its Annual Report 2021-22

11 January 2023

The Insurance Authority (IA) today (11 January 2023) published its Annual Report 2021-22 bearing the title of “Spearheading Balanced Development and Sustainable Growth”.

“Mandated by statute to facilitate sustainable development and promote competitiveness of the industry, the IA strives to ensure that insurance fulfils, first and foremost, a social role of risk mitigation while spurring economic growth,” said Mr Stephen Yiu, Chairman of the IA.

The annual report gives an overview of key activities carried out by the IA to forge Hong Kong into a global risk management centre and regional insurance hub by leveraging on the “dual circulation” strategy. On domestic circulation, the IA is cooperating closely with relevant Mainland authorities on implementation of the unilateral recognition policy for motor vehicle insurance and setting up of after-sales service centres in selected Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area. On international circulation, issuance of two catastrophe bonds under the regulatory regime for insurance-linked securities and designation of three insurance groups under the group-wide supervision framework exemplified the crucial role of Hong Kong as a super connector between the Mainland and the rest of the world.

“Although the IA is vested with a broad spectrum of statutory powers to investigate and impose disciplinary sanctions on suspected cases of misconduct, equal priority is placed on joint surveillance with other regulators and public education with industry bodies. By doing so, we strive to deliver the intrinsic value of insurance by bridging protection gaps and deepening financial inclusion,” said Mr Clement Cheung, Chief Executive Officer of the IA.

Key measures taken by the IA in the reporting year to further protection of policy holders include revamping of the complaints handling system, launching of a joint Mystery Shopping Programme on tax-deductible insurance products, strengthening of the Continuing Professional Development requirements and stepping up of enforcement actions. Riding on the first Mortality Protection Gap Study, publicity campaigns were introduced on lifetime risk profiling, fulfilment ratios, participating policies and digital onboarding to impart useful knowledge to the community.

The annual report also highlights notable progress achieved on major projects such as the Risk-based Capital Regime and the Policy Holders’ Protection Scheme, as well as the drive on green and sustainable finance and digital transformation.

The general public is welcomed to access full and simplified versions of the Annual Report 2021-22, together with an animation of its major contents, from the IA website.