Insurance experts take a deep dive into Hong Kong’s unique role in support of Mainland enterprises “going global”
31 August 2022
The Insurance Authority (IA) hosted a thematic breakout session at the Belt and Road Summit 1 today (31 August 2022) to explore prospects of Hong Kong as a risk management centre for Mainland enterprises under the evolving risk landscape.
The panel, comprising senior executives from leading Mainland or global (re)insurers and a Hong Kong based captive insurer, talked about the updated position of risk patterns of and risk management approaches taken by Mainland enterprises amid the pandemic and heightened geopolitical tensions. The panelists also shared views on the competitive edges of Hong Kong in managing the specialty risks faced by Mainland enterprises in their overseas projects.
Mr Tony Chan, Associate Director of Policy and Development of the IA, said, “Given the vulnerabilities exerted by external economic conditions and political uncertainties, it has become more important than ever for all relevant stakeholders including the Government, regulators and the (re)insurance industry to strengthen collaboration in supporting Mainland enterprises to manage their risks, particularly in building a talent pool and cultivating sufficient capacity. By working together we can achieve our common goal of reinforcing Hong Kong’s position as a risk management centre for the Mainland as highlighted in the national 14th Five-Year Plan.”
In the discussion, the panel also suggested stepping up promotion targeting Central State-Owned Enterprises/State-Owned Enterprises and encouraging more collaboration among the international and Mainland (re)insurers.
Despite the challenges, the panel reaffirmed the business potential of Hong Kong and encouraged the risk management sector to prepare for business to takeoff after restoring its connectivity with the Mainland and the rest of the world.
Ends
Note:
1 The Belt and Road Summit is a premier international platform for promoting business collaboration along the Belt and Road. The Summit gathers senior government officials and business leaders from countries and regions along and beyond the Belt and Road to exchange insights on multilateral co-operation and explore concrete business opportunities.
The Insurance Authority (IA) hosted a thematic breakout session to explore prospects of Hong Kong as a risk management centre for Mainland enterprises investing overseas.