The Hong Kong Federation of Insurers (HKFI) today (19 February 2019) welcomes the Outline Development Plan for the Greater Bay Area (GBA) just announced by the Central Government.

“The Hong Kong insurance industry fully supports our country’s vision in developing the Greater Bay Area. Riding on our extensive business network and expertise in insurance, we will work closely with the HKSAR Government in implementing the relevant policy initiatives which are beneficial to the GBA residents and economy,” said Mr P L Chan, Chairman of the Hong Kong Federation of Insurers.

Under the Outline Development Plan, Hong Kong is reaffirmed as the national risk management centre, responsible for bolstering cross-border transactions in financial markets (including insurance) and promoting collaborative efforts in cross-boundary Renminbi reinsurance business; supporting joint development by insurance institutions in Guangdong, Hong Kong and Macao of innovative and cross-boundary motor vehicle and medical insurance products; exploring the development of a trading platform for innovative insurance elements such as international marine insurance; and providing facilitation services such as underwriting, investigation and claims for cross-boundary policy holders.

“The HKFI is pleased to see great importance being attached to the development of the insurance industry in the GBA,” added Mr Chan. “Leveraging on our deep experience and international outlook, we are confident of our industry’s ability to contribute to developments beneficial to all stakeholders. Under our Framework of Collaboration, the HKFI is committed to partnering with the Insurance Authority to inject fresh impetus, drive innovation, strengthen inter-connectivity and promote co-ordinated developments needed to bring the insurance industry in the GBA to newer heights.”