Insurance development roadmap set

The Government today issued a development roadmap for the insurance sector in Hong Kong, outlining its visions and missions as well as targeted policy measures to consolidate the city's status as a global risk management centre and sophisticated insurance hub.

It will work closely with the Insurance Authority (IA) and industry stakeholders to realise the roadmap.

The visions and missions for developing Hong Kong's insurance sector include sharpening the city's competitive edge as a global risk management centre; enlarging the market accessible by the insurance sector through policy initiatives and legislation; and achieving balanced development of the long term and general businesses.

The Government will leverage on the city's unique advantages under the “one country, two systems” principle and integrate the insurance sector into the national development arena by riding on the dual circulation strategy as well as unleashing the social value of insurance by providing comprehensive risk management and mitigation solutions to the public.

The roadmap also outlined how the dual circulation strategy would be implemented for the sector, the social value of insurance to be unleashed and new opportunities.

The visions and missions must be supported by four enablers that include: connectivity with the Mainland and global markets, attracting new talent and nurturing existing talent, adoption of technologies, and data accessibility.

Financial Secretary Paul Chan highlighted that insurance plays a distinctive and significant role in Hong Kong's financial markets.

“As market participants are reassessing and reprioritising risks in light of the pandemic and geopolitical tensions, it is an opportune time for the Government to announce this roadmap outlining a set of visions and direction for development of our insurance sector by riding on the dual circulation strategy and integrating into the national development arena.”

Secretary for Financial Services & the Treasury Christopher Hui supplemented that the Asian Insurance Forum is an annual flagship event organised by the IA, adding that on this day of insightful exchanges, the Government was pleased to issue the development roadmap.

“I am confident that with concerted efforts among the Government, the IA and industry stakeholders, we can propel our insurance sector to new heights,” he noted.

Click here for the roadmap.