The Insurance Authority (IA) of Hong Kong organised the inaugural Asian Insurance Forum (AIF) today (11 December 2018) with the theme of “Hong Kong as a Global Risk Management Centre and a Regional Insurance Hub”.

This event was attended by over 400 local and overseas delegates to share insights into the opportunities and challenges ahead, with a special focus on the Belt and Road Initiative (BRI) and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development.

Officiating at the AIF, Dr Moses Cheng, Chairman of the IA, said, “Asia is the most dynamic market in the world and we are keen to explore the vital role of insurance has to play in driving the region forward to greater prosperity.”

“The functions of the IA go beyond mere regulation. We are privileged to be tasked with promoting the stable development of the Hong Kong insurance industry and its competitiveness in the global insurance market. The BRI and the GBA development provide just the kinds of opportunities for us to attain a higher level of achievement,” he said.

Officiating at the AIF, Mrs Carrie Lam, Chief Executive of the Hong Kong Special Administrative Region, reaffirmed the Government’s commitment to reinforcing Hong Kong’s role in the global insurance arena.

In her opening address, she said, “The Hong Kong Government acts as a ’facilitator’ and ’promoter’ to create opportunities for the insurance industry. Last December, we concluded an agreement with the National Development and Reform Commission on Hong Kong's participation in the Belt and Road Initiative. This secures the support of the Central Authorities to encourage Mainland enterprises to establish captive insurance companies in Hong Kong to underwrite risks for their overseas business. The Central Authorities also support Hong Kong to provide professional services such as insurance and re-insurance for large-scale infrastructure projects under the Belt and Road Initiative.”

Among the speakers were Mr Jonathan Dixon, Secretary General of the International Association of Insurance Supervisors, his predecessor Professor Yoshihiro Kawai of the Kyoto University and Mr Michael Saadat, Regional Commissioner for New South Wales of the Australian Securities and Investments Commission.

The keynote luncheon featured Mr Paul Chan, the Financial Secretary, who highlighted the unique role of insurance in infrastructure projects in the region. “Bankable projects must be in the first place sufficiently insured and reinsured such that risks are shared sensibly. Thus, increasing infrastructure projects in the region not only creates demand for financing but also demand for insurance and reinsurance to make them bankable.”

Furthermore, the IA announced the launch of the Belt and Road Insurance and Exchange Facilitation (BRIEF) platform at the AIF.

“BRIEF will bring together insurance and risk expertise with the aim of realising the potential of BRI. It aims to serve as a forum for exchanging ideas, identifying opportunities and creating solutions that will enable projects to happen,” said Dr Moses Cheng. A total of 29 insurers, reinsurers and insurance brokers have already signed up to join this new platform.

Ends


Mrs Carrie Lam, Chief Executive of the Hong Kong Special Administrative Region, delivers the opening address at the AIF.


Dr Moses Cheng, Chairman of the IA, gives the welcome remarks to the guests at the AIF.


Officiating guests at the opening ceremony of the AIF: (from left) Professor Yoshihiro Kawai, Graduate School of Management of Kyoto University; Mr Laurence Li, Chairman of the Financial Services Development Council; Mr Chan Kin-por, Legislative Council member (Insurance); Mrs Carrie Lam, Chief Executive of the Hong Kong Special Administrative Region; Dr Moses Cheng, Chairman of the IA; Mr Jonathan Dixon, the Secretary General of the International Association of Insurance Supervisors; and Mr Clement Cheung, Chief Executive Officer of the IA.


The keynote luncheon features Mr Paul Chan, Financial Secretary of the Government of Hong Kong Special Administrative Region.


The inaugural AIF is attended by over 400 local and overseas delegates.