HKFI approves of HKSAR policy address

The chief executive acknowledged the vital role of marine insurance in terms of maritime services.

The Hong Kong Federation of Insurers (HKFI) applauds the measures Chief Executive of the Hong Kong SAR, John Lee to ensure national security.

It aligns with the insurance industry's expansion goals, the federation said.

During the policy address, Lee enumerated the following: 

• Developing a "Headquarters Economy": This involves attracting external enterprises to establish their headquarters or corporate divisions in Hong Kong. The government will explore measures with central authorities to facilitate Mainland enterprises in setting up these divisions in Hong Kong.
• Attracting Companies to Re-domicile: A mechanism will be introduced to facilitate overseas companies, especially those with a focus on the Asia-Pacific region, to re-domicile in Hong Kong. Legislative amendments will be introduced to the Legislative Council.
• Deepening Financial Cooperation in the Greater Bay Area (GBA): The creation of the Shenzhen-Hong Kong Financial Cooperation Committee in the first half of 2024 is planned. This committee will advise on mutual market access, financial technology cooperation, green finance, and talent exchange.
• Attracting and Retaining Talent: Efforts will be made to attract and retain talent, including establishing the Hong Kong Talent Engage (HKTE) office, expanding the Top Talent Pass Scheme, relaxing visa requirements, and implementing the Capital Investment Entrant Scheme.
• Promoting Green and Sustainable Finance: A subsidy scheme for green Fintech will be launched in early 2024 to encourage technological solutions and provide early-stage funding for pre-commercialized green Fintech projects.
• Developing High-Value Maritime Services: This initiative focuses on industry-oriented maritime development, including maritime law, insurance, ship finance, and professional services, in collaboration with the trade.

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HKFI appreciates the government's acceptance of their recommendations to boost market growth, strengthen Hong Kong's role in the Greater Bay Area, and attract international financial capital. 

The talent attraction and retention measures are especially welcomed, given the global talent competition.

The government's commitment to green and sustainable finance development in Hong Kong is applauded, and the insurance industry is ready to contribute to this effort, the federation emphasised.

Furthermore, recognising the importance of marine insurance in supporting Hong Kong's status as an International Shipping Centre, the government's dedication to promoting high-value maritime services, including marine insurance, is well-received.

In the long term, the HKFI is committed to collaborating with the government to enhance Hong Kong's position as a global insurance hub and risk management centre.