The Hong Kong Federation of Insurers (HKFI) welcomes various measures with relevance to the insurance industry announced by the HKSAR Chief Executive in his 2024 Policy Address today (16 October 2024).  We are delighted to note that some of the Government’s measures are in alignment with our recommendations for bolstering the strengths of local insurance industry to help reinvigorate Hong Kong’s status as an international insurance hub in particular these moves:

• Examining the capital requirements for infrastructure investment, enriching insurance companies' asset allocation for risk diversification and driving investment in infrastructure such as the Northern Metropolis.

• Continuing to invite Mainland and overseas enterprises to establish captive insurers in Hong Kong.

• Stepping up efforts to bring in strategic enterprises from outside the city to set up headquarters or corporate divisions in Hong Kong where the FSTB will submit a bill this year to introduce a company re-domiciliation mechanism for companies to re-domicile in Hong Kong. 

• Continuing to boost Hong Kong's maritime strengths includes enhancing and promoting tax concessions, attracting maritime service enterprises to establish presence in Hong Kong and developing maritime services talents.

As the representative body of the insurance industry, the HKFI will continue working closely with the Government and Insurance Authority to bring the above measures into full play to enhance Hong Kong's position as the global insurance hub and risk management centre.