The Insurance Authority (IA) has announced its support for the 2024 Policy Address, delivered by the company’s chief executive.
The address outlines a variety of measures that aim to facilitate the development of the insurance industry in Hong Kong, including consolidating the region's advantages as a global risk management centre.
Labelling the country as a ‘super-connector’, Stephen Yiu, chairman of the IA, emphasises Hong Kong's role as a springboard for mainland enterprises to attract international business. He comments: “The IA will actively support enterprises in strengthening their risk management capabilities, focusing on attracting sizeable onshore and offshore corporations to set up captives and to set up businesses in Hong Kong.”
The address also highlights plans to form a working group to accelerate the development of silver economy. Commenting on this policy, Yiu states: “Demographic changes have increased the burden on the public healthcare system and elderly services.
“The insurance industry should demonstrate its social value by helping the public plan early for the future to narrow protection gaps.”
