Insurance Authority welcomes initiatives announced in the 2023-24 Budget
22 February 2023
The Insurance Authority (IA) welcomed two specific initiatives announced by the Financial Secretary today (22 February 2023) in his 2023-24 Budget that provide for extension of the Pilot Insurance-linked Securities Grant Scheme (Grant Scheme)1 for two years and the Pilot Programme to Enhance Talent Training for the Insurance Sector (Talent Training Programme)2 for three years respectively.
“The National 14th Five-Year Plan has clearly positioned Hong Kong as a risk management centre under the ‘dual-circulation’ strategy, anchoring on development of the Greater Bay Area and emerging markets along the Belt and Road to serve unique needs of our country while connecting it to the rest of the world. In this regard, the three catastrophe bond issuances taken place since October 2021 have generated strong interest among potential sponsors, and a timely decision to extend the Grant Scheme is necessary to nurture a vibrant ecosystem comprising key players on the value chain,” said Mr Stephen Yiu, Chairman of the IA.
“Furthermore, the IA is pleased that the Government has reaffirmed its commitment to boost the supply of local industry professionals by extending the Talent Training Programme, which is essential for a sustained economic recovery in the post-pandemic new normal,” Mr Yiu added.
The two initiatives above will contribute significantly towards achieving strategic goals set out in the Development Roadmap for the Insurance Sector in Hong Kong.
Ends
Notes:
1The Grant Scheme rolled out in May 2021 offers up to HK$12 million for each eligible issuance of insurance-linked security taking place in Hong Kong. Please refer to press releases issued by the IA on 24 February 2021 and 3 May 2021 for more details.
2The Talent Training Programme was launched in August 2016 to attract new blood and improve the professional competency of practitioners in the insurance sector. Please refer to the relevant website for further information.