The development of Hong Kong's marine insurance sector calls for a more strategic and forward looking approach, against a backdrop of an increasingly complex and shifting global trade landscape, said Hong Kong's Insurance Authority's (IA) Executive Director, Policy and Legislation, Clement Lau.
He was the moderator at a panel discussion on 26 January titled “Charting Future Seas: Hong Kong's Maritime Prospects for Insurance”, during the Asian Financial Forum (AFF), a platform that brings together influential leaders from government, finance, and business communities globally for ground-breaking discussions and exchange of insights on the global economy from an Asian perspective.
Mr Lau said, “Marine insurance underpins Hong Kong’s strategic positioning as an international financial, shipping and trade centre.”
During the panel discussion, experts delved into three key elements for the sustainable development of Hong Kong’s marine insurance market. These included talent development to ensure a robust and continuous pipeline of professionals with specialised knowledge in niche areas of marine risk. In parallel, rapid technological innovation in the shipping industry and the global trend of supply chain digitalisation require the sector to respond proactively to remain competitive. Equally important is the need to foster stronger synergies across Hong Kong’s diversified maritime services in the marine insurance ecosystem.
“Building on the targeted policy support already in place to promote marine insurance, together with encouraging recent developments that injected impetus, we look forward to seeing more coordinated and collaborative efforts among stakeholders to drive our marine insurance sector to grow from strength to strength, and to more fully manifest its functions in the national dual circulation strategy,” Mr Lau added.