The Hong Kong Special Administrative Region (HKSAR) Monday issued a development roadmap for the insurance sector to promote its integration into the overall development of the country by leveraging on the unique advantages under the "one country, two systems" principle.
According to the Development Roadmap for the Insurance Sector in Hong Kong, the HKSAR government will work closely with the Insurance Authority and industry stakeholders to sharpen Hong Kong's competitive edge as a global risk management center and boost synergies between different financial sectors.
They will also work together to enlarge the market accessible by Hong Kong's insurance sector through proactive policy initiatives and facilitative legislation, to achieve balanced development of long-term and general businesses, and to unleash the social value of insurance by providing comprehensive risk management and mitigation solutions to all members of the public.
Noting that insurance plays a distinctive and significant role in Hong Kong's financial markets, Paul Chan, financial secretary of the HKSAR government, said that it is an opportune time for the HKSAR government to announce this roadmap.
The roadmap outlines a set of visions and direction for development of Hong Kong's insurance sector, which will help the sector better integrate into the national development, he said.
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