The Insurance Authority (IA) has announced that the Hong Kong insurance market is showing signs of recovery after implementation of the Hong Kong National Security Law which put widespread social disturbances to a rest.
Despite the effects of the COVID-19 pandemic, the gross premiums of long term business rose year-on-year by 22.9% to $80.5 billion in the first half of 2021.
This is a big achievement since business derived from Mainland visitors is still low, illustrating the resilience and resourcefulness of industry stakeholders.
The decision of a major insurance group to raise capital in Hong Kong and final preparations for the inaugural issuance of insurance-linked securities by a leading state-owned reinsurer are also clear votes of confidence on our attractiveness as an international financial centre and a premier base for regional headquarters.
Dr Moses Cheng, Chairman of the IA, said: “The National 14th Five-Year Plan has positioned Hong Kong as a global risk management centre serving both external and internal clients under the ‘dual circulation’ economic strategy, offering dynamic and exciting prospects for our insurance industry.”
“Building on this premise, the IA has set itself the goal of building an ecosystem to take full advantage of our forte as a super connector of international trade and investment activities, while nurturing domestic demands by participating in development of the Guangdong-Hong Kong-Macao Greater Bay Area.”
