Hong Kong unveils development roadmap for insurance sector

The government aims to strengthen the city’s role as a sophisticated insurance hub.

The Hong Kong government has outlined its plans for the development of the insurance sector with the main goal of strengthening the city’s role as a global risk management centre and sophisticated insurance hub.

Hong Kong also places great importance on bridging protection gaps and promoting financial inclusion in society.

The insightful exchange continued in the afternoon session kicked off by a fireside chat between Paul Chan, Financial Secretary of the HKSAR, and Chan Kin-por, the Non-Official Member of Executive Council and Member of Legislative Council (Insurance) of the HKSAR, who looked into cornerstones for the success of the insurance industry against challenges such as connectivity, talent, competition and technology.

“Hong Kong is still very attractive for doing business and we have to further improve our traditional advantages. Instead of taking a ‘laissez-faire’ approach, the Government has been rolling out very proactive measures to attract talent and businesses,” said Chan.

Aside from being a global risk management centre, Hong Kong also plans to leverage its unique advantages under the “One Country, Two Systems” principle and seeks integration into the national development arena. 

“Dovetailing with national strategies including the 14th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development, and the Belt and Road Initiative, we strive to seize opportunities for growth, while also serving people's needs and maintaining market stability. The insurance industry, being an integral and substantial part of our economy, will continue to play an important role in this new chapter for Hong Kong,” Hong Kong Special Administrative Region Chief Executive John Lee said.

Meanwhile, in a statement, Damien Green, President and CEO of Manulife Asia said this announcement is welcome news.

“Manulife will continue to support the development of the insurance industry in Hong Kong and the broader Greater Bay Area (GBA), and we look forward to meeting demand from Mainland Chinese visitors as they return to the city, in addition to our loyal Hong Kong customer base.  We are also maintaining close contacts with the industry and regulators to facilitate the establishment of insurance after-sales service centres in places such as Nansha and Qianhai in the near future,” Green said.