Insurance Authority welcomes 2023 Policy Address

25 October 2023

The Insurance Authority (IA) welcomes the 2023 Policy Address delivered by the Chief Executive and supports the measures raised therein that concern accelerating development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and elevating the status of Hong Kong as an international financial centre.

“The IA strives to promote connectivity in the GBA, a good example being coordination of the industry to introduce cross-boundary insurance products that facilitate northbound travel for Hong Kong vehicles upon advent of the Unilateral Recognition Policy in July this year, paving the way to open up other similar innovative products in future,” said Mr Stephen Yiu, Chairman of the IA.

Mr Yiu added that, “On the establishment of after-sales service centres, a quadripartite platform has been forged among the regulatory authorities in Guangdong, Hong Kong, Macau and Shenzhen to iron out standards and requirements so that all holders of Hong Kong policies residing in Mainland cities of the GBA could enjoy resulting benefits soonest. Meanwhile, the IA is exploring ways to make optimal use of extended care facilities available in the Mainland to satisfy the demand for retirement support among Hong Kong people, thereby effectively reducing the pressure borne by local social service systems”.

The IA will sustain efforts in fully complementing the National 14th Five-Year Plan and the strategy of domestic and international dual circulation, give full play to the pivotal function of Hong Kong as a super-connector, and reinforce its role as an international financial centre and global risk management hub.

Ends