FuSure Reinsurance has obtained a long-term insurance authorisation from the Hong Kong Insurance Authority (HKIA), obtaining both Class A and Class D licenses.
These licences also upgrade the company’s existing general insurance operations to a composite licence. FuSure has said that the approval marks a shift in the company’s operating status and supports its strategic expansion within the reinsurance sector. Established in 2021, FuSure has built its reinsurance operations in the Greater China region with a focus on low-volatility personal risks, including health and accident coverage.
FuSure said it will use Hong Kong’s position as a global financial centre to support its international growth plans. The company aims to connect insurance markets in mainland China with broader international markets and expand its risk management and insurance product offerings.
A HKIA spokesperson said, “Hong Kong, as a ‘super-connector’ between the mainland and the international markets, has always been an important springboard for mainland enterprises to go global.
The spokesperson said, “Mainland reinsurers expanding their business in Hong Kong can diversify their insurance risks abroad while reaching out to serve overseas clients and capturing opportunities in emerging markets. This authorisation will also help Hong Kong cultivate more talent in the reinsurance industry, injecting momentum into the development of the sector.”
FuSure said, “By capitalising on the advantages of our composite license, we will broaden our insurance service offerings, delivering more comprehensive, flexible, and innovative products and risk management solutions. FuSure remains dedicated to empowering its clients and business partners, collaborating closely to drive sustained innovation and high-quality growth across the insurance industry in Hong Kong and globally.”
The IA spokesperson said the Authority has been committed to promoting the development of Hong Kong's reinsurance industry, encouraging the sector to customise innovative solutions for monitoring, transferring, mitigating and managing risks for mainland and overseas clients, thus enhancing Hong Kong's status as a global risk management centre.
Currently, the reinsurance business conducted by professional reinsurers authorised in Hong Kong enjoys a 50% concession in the profits tax rate.
FuSure established a core reinsurance business in the Greater China region since its inception in 2021, focusing on reinsurance products with low-volatility personal risks such as health and accident insurance. The company also explores product innovation opportunities in areas including health, auto, pet, cyber security, and liability insurance, with plans to progressively expand into diversified product lines and explore other international markets.