Hong Kong is still looking to implement its plan to establish after-sales services centres on the mainland, such as in Nansha and Qianhai, to support Greater Bay Area (GBA) residents who have bought insurance policies in Hong Kong.
This was announced by Hong Kong Chief Executive John Lee Ka-chiu in his policy address on Wednesday, along with other government initiatives for the financial sector.
The project was first proposed in 2019 as part of Hong Kong’s integration into China’s GBA plan, which also includes Macau and nine cities in Guangdong Province.
The announcement has been received positively by Hong Kong’s Insurance Authority (IA), which said it “strongly supports” Lee’s proposals, which will strengthen Hong Kong’s role as a global risk management centre and regional insurance and reinsurance hub.
The IA said it is working closely with Mainland regulators and other relevant authorities on the establishment of after-sales service centres and the introduction of cross-border motor insurance products. According to the IA, the speedy implementation of these measures will benefit Mainland and Hong Kong residents who frequently travel within the Greater Bay Area.
“The IA will, as always, work together with the industry to facilitate the sustainable development of Hong Kong’s insurance market, enhance its global competitiveness and strive to provide better protection to policyholders,” said Stephen Yiu, IA chairman.
Manulife, a major insurer in Hong Kong and Macau, also welcomed the proposal, and said that it will actively support the arrangement.
Carrie Tong, chief strategy officer of Manulife Hong Kong and Macau and head of Macau branch, said the service centres will allow Hong Kong insurance companies to provide Mainland residents who own insurance policies issued in Hong Kong with various after-sales services, such as premium renewal and claims, across the GBA.
“These service centres will also help attract more Mainland visitors to Hong Kong to purchase insurance products and open new opportunities for the development of Hong Kong's insurance industry,” Tong said. “Manulife will continue to maintain close contacts with the industry and regulators to promote the further development of the insurance market in the GBA.”
