The Hong Kong Federation of Insurers (HKFI) today (6 March 2017) welcomes the Financial Services Development Council’s (FSDC) recommendations made in its latest report entitled Turning Crisis into Opportunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive (Report).
 
The Report recommended, from various angles, some long-term and short-term steps to reestablish Hong Kong’s leading position in the insurance arena.  And they covered broad and inter-related areas including regulation, tax, branding/promotion and talent development.
 
“We agree with the Financial Services Development Council that Hong Kong is blessed with all the necessary ingredients to succeed,” said Mr Ronnie Ng, Chairman of the Hong Kong Federation of Insurers. “This explains why Hong Kong has been chosen by the International Union of Marine Insurance (IUMI) as its Asian Hub last October, the first ever presence of IUMI outside of Europe in its 142 year history.”
 
Building on this great platform and Hong Kong’s role as a super connector to the world, the HKFI will work with all stakeholders including the Government to help implement the FSDC’s recommendations step by step to secure a brighter future for the Hong Kong insurance industry.