Magazine Table of Contents
We spoke to Hong Kong Insurance Authority’s Mr Clement Cheung about the regulator’s broad ambitions to grow the insurance industry.
The reconnection of Greater Bay Area cities and the accelerating flow of visitors from mainland China, particularly Guangdong province, provide Hong Kong insurers with an opportunity to recover a vast customer base.
The Hong Kong general insurance industry performed well during the pandemic but it faces ongoing challenges – including from reinsurers – and would like to receive regulatory support.
The annual statistics released by Hong Kong’s Insurance Authority reveal that the underwriting profit of reinsurance inward business increased from HK$480m ($61.2m) to HK$663m in 2021, driven by proportional treaty business which turned around from a loss of HK$202m to a profit of HK$6m.