In the 2023-24 Budget, the Financial Secretary of the Hong Kong SAR mentioned:

• “…In recent years, we implemented a dedicated regulatory regime for insurance-linked securities (ILS) and launched the Pilot ILS Grant Scheme, facilitating the issuance of several catastrophe bonds in Hong Kong and promoting diversified development of the insurance market. I propose a two year extension of the Pilot ILS Grant Scheme to continue attracting more issuing institutions and nurturing talent, with a view to supporting industry development and assisting our country in expansion of channels for risk diversification and management.” (Section 102 of the Budget)

• “Since its launch in 2016, the Pilot Programme to Enhance Talent Training for the Insurance Sector and the Asset and Wealth Management Sector has been well received. We will extend the programme for three years to nurture more talents for the industry and enhance the professional competency of practitioners." (Section 136 of the Budget)  

• “…the Transport and Logistics Bureau will set up a task force with the aim of putting forward, in collaboration with the Hong Kong Maritime and Port Board and representatives of the high-end maritime services industry, an action plan on the following strategies by the end of this year… enhancing business sectors such as ship finance, marine insurance, maritime arbitration and ship management, thereby enabling Hong Kong to become a global leading high-end maritime service market.” (Section 112 of the Budget)  

• “…we will introduce a mechanism to provide facilitation for companies domiciled overseas, particularly enterprises with a business focus in the Asia Pacific region, for re-domiciliation to Hong Kong, so that these companies may utilise our favourable business environment and professional services. We will conduct consultation and submit legislative proposals in 2023- 24.” (Section 65 of the Budget)

The Hong Kong Federation of Insurers (HKFI) welcomes various measures with relevance to insurance announced in the 2023-2024 Budget. We appreciate the Government’s acceptance of our recommendation to extend the Pilot Programme to Enhance Talent Training for the Insurance Sector for another three years. This will help nurture the industry talents and boost the supply of insurance professionals to support our market development. We also welcome the two-year extension of the Pilot ILS Grant Scheme to continue attracting more issuing institutions and grooming talents, which will uplift the competitiveness of Hong Kong as an international insurance hub.

The insurance industry also appreciates the introduction of the mechanism to provide facilitation for companies domiciled overseas for re-domiciliation to Hong Kong. Re-domiciliation of insurance companies to Hong Kong is a vote of confidence to Hong Kong as an insurance hub. We hope to see this proposal come into fruition in the near future.