As part of a broader package of measures to shore up Hong Kong’s shipping services sector, the SAR’s Chief Executive John Lee used his annual policy address to say that the city was looking to attract ‘high potential’ marine insurers.
Lee said that the SAR would ‘strive’ to promote the development of high value‑added maritime and professional services and that the government had taken steps including tax exemptions to attract a broad spectrum of marine related businesses to the city – including marine insurers.
“We will continue to boost Hong Kong’s maritime strengths. Relevant measures include:
attracting maritime service enterprises to establish presence in Hong Kong – We will encourage leading or high‑potential marine insurance business operators to establish presence in our city to broaden the range of marine insurance products,” he said in a televised address.
Lee also said that Hong Kong would strengthen collaboration with international marine insurance organisations to promote the training of marine insurance talents, and expand the scope of the Maritime and Aviation Training Fund to cover more green energy courses and marine insurance examinations.
The Hong Kong Chief Executive also said the city would look to expand the credit insurance sector by encouraging China Export & Credit Insurance Corporation to explore setting up businesses in Hong Kong, and provide export credit insurance services covering overseas investment with prolonged investment period.
In terms of concrete insurance policy actions, Lee said that The Insurance Authority would start a sector review in the first half of 2025, which included studying capital requirements for infrastructure investments to ‘enrich’ insurance companies’ asset allocation.
The city also intends to sign an MOU with the International Group of P&I Clubs by end‑2024 to strengthen the promotion of training for marine insurance professionals and publicise the industry.
