Li Jiachao: Currently, there are more than 160 authorized insurance companies in Hong Kong, including three international insurance groups with Hong Kong as the group's supervisory base

The Zhitong Finance App learned that the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, said in a video message at the 16th World Chinese Insurance Conference and 2026 International Dragon Award IDA Annual Meeting that insurance is an important part of the financial system, protects people's livelihood, and supports the real economy. The national “15th Five-Year Plan” clearly supports Hong Kong in consolidating and enhancing its status as an international financial center and strengthening the functions of an international asset and wealth management center and an international risk management center. Hong Kong is preparing its first five-year plan at full speed, actively connecting with the national strategy and further helping to open up the country's finance to the outside world at a high level. Currently, there are more than 160 authorized insurance companies in Hong Kong, including three international insurance groups with Hong Kong as the group's supervisory base. Hong Kong's insurance penetration rate is the highest in the world, and insurance density is among the highest in the world.

The SAR government has taken a multi-pronged approach to promote the steady development of the insurance industry. After the current administration took office, it announced a strategic blueprint for the development of Hong Kong's insurance industry to support the industry in its domestic and international dual cycle strategies, play a role in connecting the mainland and international markets and unleash the social value of insurance.

Li Jiachao said that Hong Kong is one of the core engines of the Guangdong-Hong Kong-Macao Greater Bay Area, and the Greater Bay Area is an ideal entry point to participate in the domestic cycle. We encourage the industry to develop cross-border pension and medical insurance products to facilitate Bay Area residents. The HKSAR Government will continue to closely communicate with mainland departments to provide better after-sales support to residents with Hong Kong insurance policies and promote the interconnection of insurance markets between the two places.

Hong Kong makes every effort to play the role of “super contact” and “super value-added person”, smooth domestic and international dual cycles, and help the industry cope with geopolitical changes. Li Jiachao said that the establishment of an exclusive regulatory system for insurance-linked securities and the introduction of a funding scheme has so far led to the issuance of seven catastrophe bonds, totaling about HK$6.2 billion, to support risk management in mainland and global markets. The industry has also made good use of Hong Kong's advantages as an international shipping center and has set up an independent shipping risk pool to provide protection for Hong Kong and mainland ships. So far, more than 800 ships have been insured.