Hong Kong as a major Asian insurance hub is facing challenges from regional competitors, and the Government should work with the industry to promote businesses and train more talents.
Released by the Financial Services Development Council today, the Turning Crisis into Opportunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive report made the suggestion to boost the insurance industry.
The report said the challenges come in many areas, especially reinsurance, marine insurance and captive insurance, which are crucial elements for Hong Kong's development as a comprehensive financial centre and "super-connector" in the Belt & Road initiative.
Council chairman Laura Cha said the recent departure and downsizing of the Hong Kong offices of international insurance and reinsurance companies highlight the need for further development of these sectors in the city.
"Further departures are likely in the near future if action is not taken," she said.
Mrs Cha said Hong Kong insurers and reinsurers have played a critical role in supporting Mainland companies as they expand into the regions in the Belt & Road initiative.
"Mainland Chinese companies and insurers will be able to take advantage of the benefits in terms of efficiency, best practices, language and ease of doing business by transacting reinsurance in Hong Kong."
The report proposed reviewing Hong Kong's insurance regulatory framework, and strengthening the collaboration between the Government and the industry in business promotion and talent development.
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