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Insurance Authority welcomes 2024 Policy Address


16 October 2024


The Insurance Authority (IA) welcomes the 2024 Policy Address delivered by the Chief Executive today (16 October 2024), which includes various measures to support the stable development of the insurance industry and consolidate Hong Kong’s advantages as a global risk management centre.

As a “super-connector” and a “super value-adder”, Hong Kong provides a two-way springboard for Mainland enterprises to “go global” and attracting overseas enterprises. Mr Stephen Yiu, Chairman of the IA, said, “The IA will actively support enterprises in strengthening their risk management capabilities, focusing on attracting sizeable onshore and offshore corporations to set up captives and pursuing with the China Export & Credit Insurance Corporation (Sinosure) to set up businesses in Hong Kong. We will also explore ways to broaden the range of marine insurance products and services.”

Moreover, the Policy Address mentions a policy review on the Risk-based Capital regime to be conducted by the IA next year. Mr Yiu pointed out, “The direction in mind includes incentivising insurers to invest in local infrastructure projects for their risk diversification and supporting long-term economic development through adjusting capital requirements. We will maintain close communication with the industry.”

Mr Yiu is also pleased to learn about the formation of a working group to expedite the development of silver economy. “Demographic changes have increased the burden on the public healthcare system and elderly services. The insurance industry should demonstrate its social value by helping the public plan early for the future to narrow protection gaps, and harness complementary advantages among cities in the Guangdong-Hong Kong-Macao Greater Bay Area.”

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