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Development roadmap for Hong Kong insurance revealed at IA event

4th January 2023 - Author: Jack Willard

A development roadmap for the insurance sector in Hong Kong has been unveiled at a recent event held by the Insurance Authority (IA).

hong-kongAt the event, the Government revealed details about a development roadmap for the insurance sector, expounded by Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR, and Clement Cheung, Chief Executive Officer of the IA.

Outlining a set of visions and missions, the roadmap attaches importance to strengthening the role of Hong Kong as a global risk management centre and insurance hub.

At the event, Stephen Yiu, Chairman of the IA, said: “The theme this year is carefully chosen since various parts of the world are resuming normal from the pandemic in accordance with its own pace. The insurance industry has demonstrated remarkable resilience and versatility amid the pandemic, offering appropriate and affordable products to shield members of the public from unexpected perils caused by prolonged disruption.”

Moreover, in his speech, John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), highlighted a strong impetus for growth of the insurance industry as the Government seeks to leverage its “One Country, Two Systems” principle and integrate into the national development arena.

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He said: “Dovetailing with national strategies including the 14th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development, and the Belt and Road Initiative, we strive to seize opportunities for growth, while also serving people’s needs and maintaining market stability. The insurance industry, being an integral and substantial part of our economy, will continue to play an important role in this new chapter for Hong Kong.”

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