HKFI proposes tax incentives for retirement and savings products

The HKFI expressed their proposals for the insurance sector to boost Hong Kong’s status as a global insurance centre.

In a monthly briefing, the Hong Kong Federation of Insurers (HKFI) recapped Orchis Li’s, the Chairman of HKFI, consultation session regarding the Policy Address for 2023.

During the session last 21 August, she conveyed the collective aspirations and priorities of the insurance industry. 

Subsequently, HKFI submitted a comprehensive proposal outlining the sector's common objectives:

• Market Expansion: Enhance market growth and attract more international financial capital to Hong Kong.
• Greater Bay Area (GBA) Hub: Utilize Hong Kong's role as a hub for risk management, connecting it with the Greater Bay Area.
• Talent Development: Foster the development of local and international talent and human capital in the insurance sector.
• Green and Sustainable Finance (GSF): Encourage investments in Green and Sustainable Finance (GSF) instruments through incentives under the Hong Kong Risk-Based Capital (HKRBC) framework.
• Tax Incentives: Provide tax incentives for a broader range of retirement/savings products, Protection Linked Plans (PLP), and environmentally friendly products.
• InsurTech and Fraud Prevention: Facilitate the adoption of InsurTech solutions and enhance fraud prevention measures.
• Marine Insurance Development: Support the growth of marine insurance by exploring Free Trade Agreements, talent development, and incentives to attract leading marine insurance companies to Hong Kong.

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HKFI, leveraging the expertise of its members, is committed to working closely with the administration to reinforce Hong Kong's status as a global insurance centre and a hub for risk management.