Clement Cheung, chief executive officer of the Hong Kong Insurance Authority (IA), has described the Asian Insurance Forum (AIF) 2024 as a milestone in reinforcing Hong Kong’s role as a leading global insurance hub.
The event, held on Dec. 10 at the Hong Kong Convention and Exhibition Centre and streamed online, drew a record-breaking audience of over 2,400 participants.
Cheung shared his reflections on the forum’s discussions, which addressed pressing topics ranging from regulatory priorities to regional integration.
“I would like to express sincere gratitude to our star-studded lineup of esteemed speakers who shared so generously their wisdom and insights, especially those who flew in from Bermuda, Europe, and South Africa. Their presence [reinforces] the status of Hong Kong as an international financial centre thriving under the ‘One Country, Two Systems’ principle,” he said.
Themed “Rising to the Challenge Amidst Global Volatility,” this year’s forum brought together key players from the insurance and financial sectors worldwide.
Discussions emphasised Hong Kong’s position as a bridge between global markets and the rapidly growing opportunities within Mainland China and the region.
John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), opened the event by highlighting Hong Kong’s strategic role in the financial landscape.
“As one of the world’s top three global financial centres, and a hub for asset and risk management, Hong Kong plays a pivotal role in leading the development of insurance across the region and beyond,” he said.
He added that the integration with the Greater Bay Area creates unparalleled opportunities for talent, capital, and market growth.
Jonathan Dixon, secretary general of the International Association of Insurance Supervisors (IAIS), outlined key regulatory initiatives aimed at strengthening global market stability.
He also announced that Hong Kong would host the IAIS Annual General Meeting and Conference in 2026, an event expected to draw over 600 delegates.
“We are truly honoured to bring our big annual conference to such a vibrant and dynamic city,” he said. “We know the IA will do a fantastic job of organising an unforgettable conference.”
Mainland’s insurance market was another focal point, with Luo Yanjun, director general of the Personal Insurance Supervision Department of the National Financial Regulatory Administration, emphasising the importance of deeper cooperation between Hong Kong and Mainland insurers.
“We should further deepen the exchanges and cooperation between the insurance industries of the two places and jointly cope with global market fluctuations,” she said.
Cheuk Wing-hing, deputy chief secretary of the HKSAR government, underscored the evolving role of insurance in managing emerging risks such as climate change and cyber threats.
“As an industry, we have the power to lead not only in managing risks, but also in developing solutions for a more sustainable future,” he said.
The forum concluded with an interactive dialogue involving IA senior executives and attendees. Topics included strategies to attract more reinsurance business to Hong Kong, support for local insurers in cross-border integration, and balancing regulatory requirements with market development.
Reflecting on the event, Cheung reaffirmed the IA’s commitment to fostering trust, collaboration, and innovation within the industry.
“We will live by the three chosen attributes of collaborative, open-minded, and visionary in charting our course of work in the coming year,” he said.
