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RMB reinsurance report released

December 16, 2014

The Financial Services Development Council today released its report on developing Hong Kong as an offshore renminbi-denominated reinsurance centre aimed at reinvigorating the local reinsurance industry.

 

The report noted that there is a huge potential market to be tapped estimated at an additional RMB22 billion in reinsurance business from insurers in Greater China.

 

The move will also help Mainland insurers to diversify their exposure and offer them better access to international reinsurance providers and specialist carriers based overseas, while reinforcing Hong Kong's position as an offshore renminbi business centre and gateway to China.

 

Council Chairman Laura Cha said Hong Kong should act quickly to secure the first-mover advantage to become the leading offshore renminbi reinsurance centre, as this would complete Hong Kong's offshore renminbi service offerings, strengthen its position as the premier offshore renminbi business centre and further contribute to the renminbi's internationalisation.

 

The report also recommended providing Hong Kong-based reinsurers specific and recyclable renminbi qualified foreign institutional investors bond quota for tapping into the Mainland investment market.

 

Exclusive access to the Mainland's onshore bond market through that channel would be a unique proposition that could differentiate Hong Kong from other offshore centres.

 

Other measures include encouraging Hong Kong-based reinsurers and brokers to write and transact renminbi reinsurance, and to conduct promotional campaigns targeting overseas reinsurers and large financial corporations.

 

Click here to read the report.



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Asian Financial Forum