1 May 2023
The Insurance Authority (IA) today (1 May 2023) welcomes the announcement of the governments of Guangdong and Hong Kong Special Administrative Region (SAR) on the launch of the Northbound Travel for Hong Kong Vehicles (the Scheme)1. To facilitate the introduction of the Scheme, the IA has been coordinating with Hong Kong insurers for the implementation of the Unilateral Recognition policy for cross-boundary motor insurance. From 1 July onwards, Hong Kong private car owners or drivers entering Guangdong under the Scheme can procure a Unilateral Recognition policy from Hong Kong insurers with coverage extended to include the statutory third-party liability motor insurance for the Mainland. In other words, car owners do not have to purchase separate policies for the two places, making travels between Guangdong and Hong Kong more convenient.
“The Unilateral Recognition policy does not only facilitate cross-boundary travelling of Hong Kong residents to and from Guangdong, fostering the flow of people within the Greater Bay Area, but it is also a breakthrough for the Hong Kong insurance industry in introducing cross-boundary insurance products for Guangdong and Hong Kong. It will help promote the development of the industry in the long run by bringing more diversified insurance products and services with broader coverage to the market, thereby further enhancing the social value of insurance,” said Mr Simon Lam, Executive Director, General Business of the IA.
Under IA’s proactive coordination, 16 Hong Kong insurers are ready to launch Unilateral Recognition products, providing car owners with more convenient and comprehensive insurance services. Car owners or drivers may visit the Hong Kong Federation of Insurers (HKFI) website for the list of relevant insurers. They may also continue to procure Mainland and/or Macao statutory motor insurance provided by Mainland and/or Macao insurers through Hong Kong insurers’ one-stop service arrangement.
To work towards the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area and strengthen connectivity between the Mainland and Hong Kong, the governments of Guangdong Province and Hong Kong SAR announced the launch of the Scheme which allows eligible Hong Kong private cars to travel between Hong Kong and Guangdong via the Hong Kong-Zhuhai-Macao Bridge (HZMB) without obtaining regular quotas in advance. While the laws require all cross-boundary vehicles to procure statutory motor insurance covering Guangdong and Hong Kong, under the Unilateral Recognition policy, Hong Kong car owners or drivers only need to procure a Hong Kong statutory motor insurance policy compliant with the Motor Vehicles Insurance (Third Party Risks) Ordinance (Cap 272) and its coverage can be extended to include the Mainland Compulsory Traffic Accident Liability Insurance for Motor Vehicles. Policy holders may further extend the coverage to include the Mainland Commercial Insurance for Motor Vehicles for more comprehensive protection.
For details about the HZMB motor insurance arrangement and the Unilateral Recognition policy, please refer to our website.
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1Please refer to the official website of the People’s Government of Guangdong Province for details of the Scheme, and the designated website of the Hong Kong SAR Government for Northbound Travel for Hong Kong Vehicles (in Chinese only, English version will be available in due course) for information about the relevant application procedures.