19 March 2025
The Insurance Authority (IA) today (19 March 2025) published its Annual Report 2023-24 titled “Striding towards a Sustainable Future”, highlighting some key activities and notable achievements that include successful implementation of the Risk-based Capital (RBC) regime, continuous development of the market for Insurance-linked Securities as well as efforts to step up conduct supervision and disciplinary enforcement.
Mr Stephen Yiu, Chairman of the IA, pointed out that “Persistently high interest rates, increasing wariness of debt sustainability, intensifying geopolitical tensions, ongoing armed conflicts and aggravating impact of climate change could easily scupper the fragile revival. Nonetheless, we should feel proud that the insurance industry has lived up to expectations and demonstrated admirable resilience.”
Mr Clement Cheung, Chief Executive Officer of the IA, echoed that “Attention must be focused on maintaining a robust supervisory system and vigorous disciplinary mechanisms so that policy holders are adequately protected. Necessary refinement of the RBC regime and calibration of enforcement actions will serve as a testament to our perseverance and dedication.”
The Annual Report 2023-24 and an abridged animated version have been uploaded to the IA website for perusal and feedback by members of the public.
Ends