2024 Policy Address: Hong Kong aims to boost marine insurance offerings

HKIA is also pursuing opportunities with the China Export & Credit Insurance Corp.

Hong Kong's Insurance Authority (HKIA) said it aims to seek more ways to expand the range of marine insurance products and services in the market, aligning with the recent 2024 Policy Address's goal of strengthening the city's role as a global risk management hub.

Stephen Yiu, chairman of the HKIA, emphasized Hong Kong's strategic position as a "super-connector" and "super value-adder" for Mainland enterprises seeking to expand internationally, while also attracting overseas firms. 

Yiu stated that the HKIA will work to enhance' risk management capabilities, with a focus on bringing large onshore and offshore companies to establish captives in Hong Kong. 

The HKIA is also exploring opportunities with the China Export & Credit Insurance Corporation (Sinosure) to set up operations in the city and is exploring ways to expand marine insurance offerings.

In addition, the Policy Address highlighted a planned review of the Risk-based Capital regime, which the IA will conduct next year. 

Yiu noted that this review will aim to encourage insurers to invest in local infrastructure projects as part of their risk diversification strategies and support Hong Kong's long-term economic growth by adjusting capital requirements. 

The HKIA plans to maintain ongoing communication with the insurance sector during this process.

Yiu also welcomed the establishment of a working group to accelerate the development of the silver economy, addressing the growing demand for elderly services due to demographic shifts. 

He noted that the insurance industry has a key role to play in helping the public prepare for the future, reducing protection gaps, and leveraging collaboration within the Greater Bay Area.