Why Hong Kong's insurance industry needs a boost now more than ever

It is facing challenges from regional competitors.

According to the Hong Kong news website, the Financial Services Development Council has seen the need for the insurance industry to get a boost.

The council's Turning Crisis into Opportunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive report said the challenges come in many areas, especially reinsurance, marine insurance and captive insurance, which are crucial elements for Hong Kong's development as a comprehensive financial centre and "super-connector" in the Belt & Road initiative.

Council chairman Laura Cha said the recent departure and downsizing of the Hong Kong offices of international insurance and reinsurance companies highlight the need for further development of these sectors in the city.

"Further departures are likely in the near future if action is not taken," she said.

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