INDUSTRY INSIGHT: INSURANCE

insurers to 100% own their company in Mainland China.

Meanwhile, the Hong Kong Insurance Authority (IA) also welcomed the developments in the 2022 Policy Address and said they “strongly support the measures therein facilitating the development of Hong Kong’s insurance industry, strengthening its role as a global risk management centre and regional insurance and reinsurance hub.”

“The Policy Address is fully aligned with the National 14th Five Year Plan and the strategy of domestic and international dual circulation, leveraging Hong Kong’s crucial function as a super-connector. We welcome the Government’s formulation of policies to introduce proactive measures to attract overseas talent to Hong Kong, injecting impetus into our economic recovery,” said Stephen Yiu, Chairman of the IA.

Manulife's Carrie said.

According to the Manulife Macau Head, buying insurance was the second reason most GBA residents visit Hong Kong.

Carrie also said that Manulife has continued to enhance the competitiveness of its products by recruiting professionals and non-local graduates with GBA connections to join its agency force and opening high-end customer service centres to further enhance its customer service experience.

Meanwhile, HSBC Life Hong Kong CEO Edward Moncreiffe believes that Hong Kong is an international insurance hub and is ideally placed to act as the risk management centre for Greater China.

“We believe Chinese customers continue to look favourably at offshore insurance capacity and capability in Hong Kong, and HSBC Life thus strongly welcomes the policy proposals to facilitate cross-border insurance in the GBA,” Edward told Hong Kong Business Edward said they see huge opportunities in the GBA by using Hong Kong as their hub. They are currently prepared to pounce on the opportunities that the establishment of these service centres will provide as one of Hong Kong’s first licensed

The IA said it is actively liaising with Mainland regulators and other relevant authorities on a number of market development initiatives highlighted in the Policy Address, including the setting up of after-sales service centres and the introduction of innovative crossborder motor insurance products, to benefit Mainland and Hong Kong residents who are frequent travellers within the Greater Bay Area as soon as possible.