HKIA’s annual report shows push for global centre status

The report outlined the authority’s initiatives in the past year, including passing the Insurance (Amendment) Bill 2023.

Hong Kong’s Insurance Authority (HKIA) released its annual report 2022-2023 “Strive for Success in the New Chapter” highlighting efforts to position Hong Kong as a global risk management centre and insurance hub.

According to Stephen Yiu, chairman of the HKIA, the report aligns with the government's Development Roadmap for the Insurance Sector in Hong Kong, emphasising the IA's role as a prudent and dynamic regulator while promoting market stability, protecting policyholders, and enhancing industry sustainability and competitiveness.

Key initiatives outlined in the report include the passage of the Insurance (Amendment) Bill 2023 to implement a risk-based capital regime, efforts to enhance compliance with Continuing Professional Development requirements, preparations for investigative and enforcement operations, and public education campaigns to raise awareness of insurance products and the industry.

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Clement Cheung, chief executive officer of the HKIA, highlighted the shift in supervisory focus towards ensuring fair treatment of customers by insurers following the renewal exercise for deemed licensees in September 2022. He emphasised ongoing efforts in this area in the coming year.

Financially, the HKIA reported a net income of HK$525m and operating expenditure of HK$453.5m for 2022-23, resulting in a surplus of HK$71.5m. 

The government's capital grants of HK$953m offset the accumulated deficit of HK$342.1m.