Insurance Authority hosts the 22nd Joint Meeting of the Insurance Regulators of Guangdong, Hong Kong, Macao and Shenzhen
30 March 2023
The 22nd Joint Meeting of the Insurance Regulators of Guangdong, Hong Kong, Macao and Shenzhen (Joint Meeting) hosted by the Insurance Authority (IA) took place in Hong Kong yesterday (29 March 2023).
Mr Stephen Yiu, Chairman of the IA, said when delivering his opening remarks that “China will become the world’s largest insurance market by the mid-2030s1. We should make collective efforts by leveraging on the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to capture this enormous opportunity, serving the country with our respective strengths.”
“Since the 14th Five-Year Plan has designated Hong Kong as a risk management centre in the context of national development, coordination and liaison must be stepped up to inject more impetus into the real economy,” he added.
The four insurance regulators exchanged views on latest market development trends and regulatory updates, proposals to enhance connectivity within the GBA, cross-boundary dispute resolution and innovative modes of risk management.
1Please refer to the press release of Swiss Re Institute.
Representatives from the insurance regulatory authorities of Guangdong, Hong Kong, Macao and Shenzhen attended the Joint Meeting.
The Joint Meeting hosted by the IA was held in physical mode this year following the full resumption of normal travel between the Mainland, Hong Kong and Macao.