Hong Kong’s Insurance Authority aims to broaden regional clientele base: reappointed CEO
In response to changes to mainland tax enforcement, Clement Cheung says city has to make itself ‘less vulnerable and more competitive’
After Beijing’s plans to tighten up the taxation of overseas income sent shock waves through the city’s banks and insurers last week, Hong Kong’s insurance regulator will make broadening the sector’s clientele a priority, its reappointed chief said on Friday.
“The priority of the Insurance Authority will be placed on broadening the regional clientele beyond Chinese mainland visitors, ensuring customers are treated fairly and can derive value from insurance products,” authority CEO Clement Cheung Wan-ching told the South China Morning Post after his reappointment. “We just have to make ourselves less vulnerable and more competitive.”
He added that he would also like to see Hong Kong expand special types of insurance coverage and reinsurance to “support national development as well as the strategic transformation of Hong Kong”.
The authority would also continue to review the medical insurance business and introduce measures to help Hong Kong insurers offer extended care services in the Greater Bay Area, he said.
“Mr Cheung has demonstrated remarkable performance in advancing Hong Kong’s position as an international risk management centre and in strengthening the regulatory framework of the insurance sector,” said Hong Kong’s secretary for financial services and the treasury Christopher Hui Ching-yu in a statement on Friday.
“I am confident that he will continue to lead the Insurance Authority in enhancing prudential regulation, safeguarding policyholders’ interests and working closely with the industry to reinforce Hong Kong’s competitiveness while exploring new opportunities in the Chinese mainland and overseas markets,” Hui said.