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The insurance industry has played an important part in the development of financial services in Hong Kong and it is going from strength to strength, according to Acting Assistant Commissioner of Insurance, Financial Services and the Treasury Bureau (FSTB) of Hong Kong, Ms Carol Hui.
Speaking today (March 27, Toronto time) at a business luncheon in Toronto, Ms Hui said despite the challenges of global economic crisis and aging population, the insurance industry in Hong Kong has blossomed in recent years. In 2011, the total gross premiums of the Hong Kong insurance industry amounted to HK$225.8 billion (CAD$ 28.9 billion), representing an increase of 9 per cent over 2010.
"We have plenty of opportunities ahead," Ms Hui said."We strive for maintaining a sustainably developed insurance market by nurturing and upgrading talents, enhancing policyholders' protection, improving regulatory framework and promoting further market development."
Ms Hui specifically mentioned the proposals of establishing a Policyholders' Protection Fund to instill greater policyholders¡¦ confidence in the insurance market; and setting up an independent Insurance Authority to further enhance the competitiveness of the insurance industry and provide better protection for insurance policyholders.
The luncheon, hosted by the Hong Kong Economic & Trade Office (HKETO) in Toronto, together with the Hong Kong-Canada Business Association (HKCBA) (Toronto Section), was attended by 100 representatives from the local financial and insurance sectors.
Ms Hui also talked about the brand new business of Renminbi (RMB) insurance which has gained a promising market share. Following the expansion of the RMB Trade Settlement Pilot Scheme in 2010, premiums from RMB insurance policies has been over RMB 14 billion (CAD$2.2 billion). FSTB is discussing with the relevant Mainland authorities to enable Hong Kong insurers to expand RMB investment channels to carry the momentum for growth in the long term insurance market.
"We are also promoting the Mainland-Hong Kong financial co-operation to develop Hong Kong into an international centre for capital formation, asset management and RMB offshore businesses. It will be a win-win situation," Ms Hui added.
In her opening remarks at the luncheon, Director of the HKETO, Miss Gloria Lo, also said that with the full support of the Central Government under the 12th Five-Year Plan of China, Hong Kong will continue to develop as an international financial centre.
"Hong Kong-based practitioners from the insurance industry could enjoy preferential treatment in entering the insurance market in the Mainland under the Mainland and Hong Kong Closer Economic Partnership Arrangement," said Miss Lo. "The latest supplement to the agreement signed in December will further liberalise the various service sectors including the insurance sector to Hong Kong-based companies and practitioners. This would no doubt present new opportunities for companies based in Hong Kong."
Ends/Wednesday, March 28, 2012
Issued at HKT 06:44
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