Tax incentives, market expansion, and more – HKFI's proposals to the government

Following a consultation session on Policy Address 2023, The Hong Kong Federation of Insurers (HKFI) revealed the wishes and aspirations of the industry for the government.

As part of its September 2023 newsletter, the federation revealed the submitted comprehensive proposal outlining the shared objectives of the sector:

• Broaden the market and draw in more international financial capital to Hong Kong
• Capitalise on Hong Kong's standing as a hub for risk management connecting the Greater Bay Area (GBA)
• Enhance local and international talent and human capital
• Introduce incentives under the Hong Kong Risk-Based Capital framework to encourage investment in Green and Sustainable Finance instruments
• Implement tax incentives to promote additional retirement/savings products, Protection Linked Plans, and green products
• Streamline the adoption of insurtech and bolster fraud prevention
• Foster the advancement of marine insurance through avenues such as entering free trade agreements, talent development, and attractive incentives to entice top marine insurance companies to establish a presence in Hong Kong

Leveraging the expertise of its members, HKFI also said that it is fully devoted to collaborating with the administration to enhance Hong Kong's stature as an international insurance centre and a risk management hub.

Elsewhere in Hong Kong, insurance claims stemming from natural disasters may exceed record numbers should Typhoon Koinu add to this storm season’s damages.

What are your thoughts on this story? Please feel free to share your comments below.