2024 Policy Address: HK strengthens role as global risk management hub

The Insurance Authority will initiate a review next year. 

Chief Executive John Lee has announced plans to strengthen the Hong Kong's position as a global risk management and asset management hub. 

“We will examine capital requirements for infrastructure investment, to enriching insurance companies’ asset allocation for risk diversification and driving investment in infrastructure such as the Northern Metropolis,” he said during his 2024 Policy Address.

“We will also continue to invite Mainland and overseas enterprises, including large state-owned enterprises in the Mainland, to establish captive insurers in Hong Kong,” he added.

Lee highlighted Hong Kong’s distinction as having the highest concentration of insurance companies and the greatest insurance density in Asia.

Additonally, he noted that Hong Kong has 2,700 single-family offices and is expected to become the world’s largest cross-boundary wealth management centre by 2028.

“We will make every effort to attract more global capital to be managed in Hong Kong, including facilitating the opening of new distribution channels for private equity funds through HKEX’s listing,” Lee said.

Moreover, the government said it is looking to collaborate with sovereign wealth funds, particularly from the Middle East, to finance investments in both Mainland China and other regions.