Hong Kong can overtake London, Tokyo and Singapore as international insurance hub due to its connector role with China, Greater Bay Area, industry experts say
- Hong Kong, which is served by over 160 insurance companies, can help mainland Chinese companies get insurance cover from global insurers
- There are over 160 global insurance companies operating in the city, keen to service mainland China companies and visitors
Hong Kong can overtake London, Tokyo and Singapore and become an international insurance centre leveraging its underserved economic hinterland as well as the fast-growing opportunities in the Greater Bay Area, speakers at a conference observed on Tuesday.
“The fundamentals are extremely solid as the city has rule of law, low taxation, proximity to mainland China as well as world class infrastructure and skilled and hard workers,” said Patrick Graham, CEO of Manulife for Hong Kong and Macau, at the Post’s China Conference at the St Regis hotel. Hong Kong government’s road map paves the way for Hong Kong as a global risk management centre, he added.
Hong Kong, which is one of the most mature insurance markets globally, has more than 160 insurance companies who are keen to do business with clients based in mainland China. The city has also generated significant business from mainland Chinese visitors who are big spenders on Hong Kong insurance policies.
“Hong Kong is very strategically placed to connect China with the rest of the world,” said Orchis Li, chairwoman of Hong Kong Federation of Insurers (HKFI), the industry body of the insurance companies in the city and general manager of General Reinsurance Hong Kong Branch. “As long as globalisation remains, we have a unique position to help both sides.”
Canada’s biggest insurance company Manulife has operated in Asia for more than 125 years, and it has used Hong Kong as a hub to manage its regional business across 14 markets. Its officials said they had picked Hong Kong as the regional headquarter over other cities because of several reasons.
