Belt and Road Summit: Hong Kong has the talent and expertise to be an ideal insurance hub for infrastructure projects

Hong Kong as a ‘global risk management centre and regional investment house’ has a key role to play in Belt and Road Initiative, says Insurance Authority director

City’s talent pool and access to global climate change data put it in strong position to provide insurance solutions for belt and road projects, panellist says

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Hong Kong is well placed to provide insurance solutions for Belt and Road projects, panel says. Photo: AFP

Published: 6:00am, 14 Sep 2023Updated: 11:17am, 14 Sep 2023

Hong Kong’s insurance sector can offer comprehensive cover for risks faced by companies that invest in Belt and Road Initiative infrastructure projects, drawing on the city’s high-level talent and financial capabilities, according to speakers in a panel in Hong Kong on Wednesday.

Companies investing in Belt and Road infrastructure in different countries have special insurance needs that cover a wide range of risks, ranging from rising inflation, high interest rates and geopolitical tensions to climate change, said Anna Wong Wai-kwan, a non-executive director of the city’s Insurance Authority and a professor at the University of Hong Kong, in a panel of the two-day Belt and Road Summit.

“The successful implementation of projects and ventures along the Belt and Road countries would depend on comprehensive and effective risk management,” Wong said. “This is where Hong Kong as a global risk management centre and regional investment house has a key role to play.”

The summit marks the 10th anniversary of the Belt and Road Initiative, Beijing’s plan to link dozens of economies in Asia, Europe and Africa around a China-centred trade network.

(From left to right) Li Junhang, director and general manager of Sinopec Insurance; Anna Wong Wai-kwan, a non-executive director of the Insurance Authority and professor of practice in finance at the University of Hong Kong; Jin Shiwei, head of global programs for APAC & Europe at AXA XL and Jia Jingwei, a Hong Kong-based partner of Oliver Wyman, spoke at the Belt and Road Summit. Photo: SCMP/ Enoch Yiu

Hong Kong Chief Executive John Lee Ka-chiu in December unveiled a road map to promote the city and make it an insurance hub in Asia. He said the government would develop more measures to allow Hong Kong-based insurers to tap business opportunities in the Greater Bay Area and from the Belt and Road Initiative.

Hong Kong has a big financial talent pool, and good access to data related to climate change, making the city an ideal hub to cater to the insurance needs of Belt and Road projects, according to Jin Shiwei, head of global programmes for Asia-Pacific and Europe at AXA XL, the world’s largest property and casualty reinsurer.