18 February 2019
The Insurance Authority (IA) welcomes the State Council’s announcement today (18 February 2019) of the initiatives for the insurance industry under the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (Outline Development Plan). Those initiatives include promoting cross-boundary Renminbi reinsurance business; supporting joint development by insurance institutions in Guangdong, Hong Kong and Macao of innovative and cross-boundary motor vehicle and medical insurance products; exploring the development of a trading platform for innovative insurance elements such as international marine insurance; and providing facilitation services such as underwriting, investigation and claims for cross-boundary policy holders.
Dr Moses Cheng, Chairman of the IA, said, “I believe the initiatives proposed in the Outline Development Plan will deepen the co-operation among insurance sectors in Guangdong, Hong Kong and Macao, better coordinate the movement of people, goods and capital in the region, and promote closer regional economic collaboration.”
“Hong Kong’s insurance products would be highly competitive in the markets of the Greater Bay Area. Leveraging the advantages of Hong Kong’s insurance industry will not only help further the development of the Guangdong-Hong Kong-Macao Greater Bay Area, but also open new horizons and gain new momentum for the sustainable development of the industry, bolstering Hong Kong’s role as a risk management centre,” he added.
The Outline Development Plan also suggests progressive promotion of cross-boundary transactions of financial products including insurance products within the Greater Bay Area in accordance with relevant laws and regulations, and provision of support to eligible Hong Kong insurance institutions in setting up operations in designated areas in the Greater Bay Area. The IA will continue to maintain close communication with the relevant Mainland authorities and the industry to facilitate the implementation of the suggested initiatives.
Ends