Hong Kong Government promotes captives
The Government of Hong Kong is promoting the creation of more captive insurance companies in the Special Administrative Region of China.
Speaking at the launch of Hong Kong’s 2024-2025 budget, Paul Chan, the Financial Secretary of Hong Kong, said that as an international risk-management centre, Hong Kong provides diversified risk-management channels, including professional insurance services.
“We have been making dedicated efforts to invite Mainland and overseas enterprises to establish captive insurers in Hong Kong, enhancing their corporate risk-management capabilities,” Chan said.
“We are also promoting the development of insurance‑linked securities (ILS) by establishing a dedicated regulatory regime and launching a pilot grant scheme.
"To date, we have facilitated the issuance of four catastrophe bonds in Hong Kong, one of which marked the inaugural listing of its type of ILS.
"We will continue to attract more issuing institutes to Hong Kong, while nurturing talent and propelling the industry's development.”
To bolster the competitiveness and advantages of the financial services industry in Hong Kong, the Government of Hong Kong said it will earmark HK$100 million ($12.8 million USD) to promote the sustainable development of financial services.
This includes green and sustainable finance, fintech, asset and wealth management, headquarters business, and risk management.
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