26 February 2025
The Insurance Authority (“IA”) today (26 February 2025) welcomed the policy initiatives announced in the 2025-26 Budget.
Mr Stephen Yiu, Chairman of the IA, said, “Since the launch of the Pilot Insurance-linked Securities (“ILS”) Grant Scheme1 in 2021, six catastrophe bonds have been issued in Hong Kong, spurring development of alternative risk transfer solutions and enhancing our competitiveness as a global risk management hub. Further extension of the grant scheme for three years will allow the IA to continue its efforts in building a vibrant ILS ecosystem.”
“In addition, the IA is working with insurers incorporated overseas but with prominent local presence to facilitate their early return to Hong Kong through the company re-domiciliation mechanism, thereby consolidating our status as an international financial centre,” Mr Yiu added.
Ends
Note:
1 Please refer to press releases issued by the IA on 24 February 2021, 3 May 2021 and 22 February 2023 for details.