People's Daily Online, Hong Kong, March 4 (Wu Yujie) — A report published by the Financial Services Development Council (FSDC) of the Hong Kong Special Administrative Region points out that Hong Kong's position as a major insurance centre in Asia is being challenged by regional competitors, and recommends that the SAR government and the industry cooperate to promote business and nurture talent.

        The Hong Kong Financial Services Development Council today published the report "Turning Crisis into Opportunity: Hong Kong as an Insurance Centre and Its Development in Reinsurance, Marine Insurance and Captive Insurance", noting that Hong Kong's reinsurance, marine insurance and captive insurance sectors face the most obvious challenges, and that these areas are key to Hong Kong's development as a financial centre and a "super-connector" for the Belt and Road. The report recommends that the Hong Kong SAR government review the China Risk Oriented Solvency System, consider tax relief for the insurance industry, and examine Hong Kong's insurance regulatory structure.

        FSDC Chairman Laura Cha said that Hong Kong's insurance and reinsurance companies have long played a key role in supporting mainland enterprises in transferring and managing risk, and that their role will become even more important as mainland enterprises expand into new areas under the Belt and Road Initiative. Hong Kong has unique advantages in efficiency, good practices, language and ease of doing business, from which mainland enterprises and insurers conducting reinsurance transactions in Hong Kong can benefit. She added that some international insurance and reinsurance companies have recently withdrawn from Hong Kong or scaled down their operations, and that Hong Kong needs to expand its business, otherwise more companies will leave in the short term.

Source: People's Daily Online