Insurance specialists explore Hong Kong’s role in offering professional risk management services in support of Belt and Road development
13 September 2023
The Insurance Authority (IA) today (13 September 2023) hosted a thematic breakout session at the Belt and Road Summit 1 focusing on the challenges of risk management for Belt and Road projects under complicated macro-economic conditions, and how Hong Kong could offer optimal solutions to address these challenges.
The panel, moderated by Professor Anna Wong, Non-Executive Director of the IA and Professor of Practice in Finance of the University of Hong Kong, featured prominent leaders from a global consulting firm, a general insurer experienced in delivering specialty risk solutions, and a captive insurer whose parent company has extensive footprint in Belt and Road countries. The panelists shared insights on how to best navigate through the increasingly complex risk landscape, and discussed Hong Kong insurance industry’s advantages in providing specialty risk solutions and the value to corporate groups of setting up a captive insurance company in Hong Kong.
“Enterprises participating in projects along the Belt and Road face risks associated with their overseas investment. Given Hong Kong’s position as a global risk management centre, Hong Kong insurance industry can play a vital role in helping these enterprises identify potential risks, cultivate a risk culture, and adopt efficient risk management strategies for their sustainable growth of business,” said Professor Wong.
The panel also covered a wide range of topics such as increasing focus on green and sustainability, the use of alternative risk transfer solutions including insurance-linked securities for managing climate-related and emerging risks in Belt and Road projects, and how to nurture a more vibrant risk management ecosystem in Hong Kong.
Ends
The Insurance Authority (IA) hosted a thematic breakout session to explore Hong Kong’s role in supporting the Belt and Road Initiative.
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.