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Christopher Hui Reveals Intention to Expand Captive Insurance to Grow HK Risk Mgmt Mkt
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Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury (FSTB), said in his blog that Hong Kong continues to promote the robust development of its insurance market. Currently, there are about 160 authorized insurance companies in Hong Kong. Thanks to its prime geographic location, enterprises from the Mainland and Belt and Road countries have been attracted to expand their international business or manage cross-border projects in this city. By leveraging Hong Kong's position as a leading insurance hub in the Asia-Pacific, these companies set up captive insurance companies to gain a comprehensive grasp of the risks associated with overseas investment projects, effectively diversify and manage the various risks arising from large-scale infrastructure investments, sharpen their overall risk management capabilities, and make Hong Kong a key strategic base for their global risk management operations. Captive insurance refers to companies establishing their own insurance subsidiaries to underwrite risks, Hui explained. Compared to traditional external commercial insurance, this offers greater autonomy, cost savings, and tailored solutions to meet specific needs. The FSTB and the Insurance Authority have been actively working to develop this market, bringing diverse growth opportunities to Hong Kong on the strong foundation of its long-term insurance business and making the market structure healthier and more balanced. In order to continue attracting multinational insurance groups and captive insurance institutions to set up in Hong Kong, the SAR Government and the Insurance Authority have been dedicated to consolidating Hong Kong's status as an international risk management center, providing comprehensive insurance solutions for large international enterprises and supporting them in refining their global risk management strategies. AAStocks Financial News |
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