Hong Kong rolls out roadmap to boost insurance sector

The roadmap seeks to enlarge insurance firms’ access to other markets amongst others. 

The Hong Kong government has launched a roadmap facilitating the development of the insurance sector. 

The roadmap aims to increase competitiveness of Hong Kong as a global risk management centre. It also seeks to expand the markets accessible to insurance firms in Hong Kong. 

"Insurance plays a distinctive and significant role in our financial markets,” Financial Secretary Paul Chan said.

“As market participants are reassessing and reprioritising risks in light of the pandemic and geopolitical tensions, it is an opportune time for the Government to announce this roadmap outlining a set of visions and direction for development of our insurance sector by riding on the 'Dual Circulation' strategy and integrating into the national development arena."

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The roadmap also attempts to achieve balanced development of the long-term and general businesses, and unleash the social value of insurance. 

It will also leverage on our unique advantages of the one country, two systems principle.