[Event Summary] How Hong Kong can build itself as the insurance hub for the Greater Bay Area (GBA)
- As one of the most open insurance markets in the world, Hong Kong presents numerous opportunities for growth
- Though the Hong Kong insurance market has seen growth, there have also been a lot of ups and downs and the path forward isn’t entirely smooth
In this panel from China Conference: Hong Kong 2022, moderator Enoch Yiu sat down with Clement Cheung, Carrie Tong, Anthony Cheung, and Selina Lau to share ideas about how Hong Kong can become the insurance hub for the Greater Bay Area (GBA).
Promising trends in Hong Kong emerging
As one of the most open insurance markets in the world, Hong Kong presents numerous opportunities for growth. Clement Cheung, CEO of Insurance Authority, shared his observations on why the market is growing in Hong Kong and some promising trends he’s noticed.
“Insurance is actually driven by societal needs and by economic activities,” Clement stated. “Hong Kong has seen some promising trends in recent years, so the insurance market actually grew with that.” Though the Hong Kong insurance market has seen growth, there have also been a lot of ups and downs and the path forward isn’t entirely smooth.
The way forward for Hong Kong
While there are many variables concerning the insurance market in Hong Kong, many leaders remain forward-thinking. “Hong Kong has been and will continue to be the premier destination for health and retirement solutions,” expressed Carrie Tong, Chief Strategy Officer of Manulife Hong Kong and Macau.
“The GBA is not an initiative. It’s not a program. What it is, is it provides us an opportunity to look at a large, addressable market of over 86 million in population, as a start,” Tong continued. “It’s really up to the insurance companies to think about, ‘how do we provide innovative product solutions that can service the customers promptly?’”
Selina Lau, the Chief Executive of The Hong Kong Federation of Insurers, chimed in with her opinion regarding the path ahead for Hong Kong. “From the Federation’s perspective, we do a lot of balancing acts. We try to come up with something that is attainable for the entire industry,” Lau explained.
What are the major challenges ahead?
Anthony Cheung, Co-chair of the Green & Sustainable Insurance Working Group of the Hong Kong Green Finance Association, discussed the significant challenges ahead for Hong Kong. “The challenges lie on how insurance plays in this RMB Internationalisation,” he remarked.
However, Anthony also highlighted the potential for great macro trends in Hong Kong during the next 25 years and the importance of continuing to think forward in this emerging market. People must think beyond insurance challenges and focus on other aspects of this positive trend to keep moving forward and making progress.
This article is published by SCMP Events as part of our post-event insights for event attendees and the wider SCMP readership.